2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 10,000 7,002 6,085 193 6,278 724 917 xbrli:pure xbrli:shares iso4217:GBP 08968842 2022-04-01 2023-03-31 08968842 2023-03-31 08968842 2022-03-31 08968842 2021-04-01 2022-03-31 08968842 2022-03-31 08968842 2021-03-31 08968842 core:NetGoodwill 2022-04-01 2023-03-31 08968842 bus:Director1 2022-04-01 2023-03-31 08968842 core:NetGoodwill 2023-03-31 08968842 core:WithinOneYear 2023-03-31 08968842 core:WithinOneYear 2022-03-31 08968842 core:ShareCapital 2023-03-31 08968842 core:ShareCapital 2022-03-31 08968842 core:RetainedEarningsAccumulatedLosses 2023-03-31 08968842 core:RetainedEarningsAccumulatedLosses 2022-03-31 08968842 bus:SmallEntities 2022-04-01 2023-03-31 08968842 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08968842 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08968842 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08968842 bus:FullAccounts 2022-04-01 2023-03-31 08968842 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08968842 core:FurnitureFittingsToolsEquipment 2023-03-31 08968842 core:FurnitureFittingsToolsEquipment 2022-03-31
COMPANY REGISTRATION NUMBER: 08968842
M50 Projects Limited
Filleted Unaudited Financial Statements
31 March 2023
M50 Projects Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
724
917
Current assets
Debtors
7
24,287
6,649
Cash at bank and in hand
17,953
46,266
--------
--------
42,240
52,915
Creditors: amounts falling due within one year
8
25,371
21,571
--------
--------
Net current assets
16,869
31,344
--------
--------
Total assets less current liabilities
17,593
32,261
Provisions
Taxation including deferred tax
138
174
--------
--------
Net assets
17,455
32,087
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
17,355
31,987
--------
--------
Shareholders funds
17,455
32,087
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M50 Projects Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
P L Calcott
Director
Company registration number: 08968842
M50 Projects Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
10,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
10,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
7,002
7,002
-------
-------
Depreciation
At 1 April 2022
6,085
6,085
Charge for the year
193
193
-------
-------
At 31 March 2023
6,278
6,278
-------
-------
Carrying amount
At 31 March 2023
724
724
-------
-------
At 31 March 2022
917
917
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
24,287
6,649
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,911
2,778
Social security and other taxes
6,561
3,157
Other creditors
12,899
15,636
--------
--------
25,371
21,571
--------
--------