Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31falsefalse2022-08-0144trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02137733 2022-08-01 2023-07-31 02137733 2021-08-01 2022-07-31 02137733 2023-07-31 02137733 2022-07-31 02137733 c:Director2 2022-08-01 2023-07-31 02137733 d:FurnitureFittings 2022-08-01 2023-07-31 02137733 d:FurnitureFittings 2023-07-31 02137733 d:FurnitureFittings 2022-07-31 02137733 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02137733 d:CurrentFinancialInstruments 2023-07-31 02137733 d:CurrentFinancialInstruments 2022-07-31 02137733 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02137733 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02137733 d:ShareCapital 2023-07-31 02137733 d:ShareCapital 2022-07-31 02137733 d:RetainedEarningsAccumulatedLosses 2023-07-31 02137733 d:RetainedEarningsAccumulatedLosses 2022-07-31 02137733 c:FRS102 2022-08-01 2023-07-31 02137733 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 02137733 c:FullAccounts 2022-08-01 2023-07-31 02137733 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 02137733










M & P NIXON (TORQUAY) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
M & P NIXON (TORQUAY) LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 5


 
M & P NIXON (TORQUAY) LIMITED
REGISTERED NUMBER: 02137733

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,433
6,392

Current assets
  

Stocks
  
10,000
12,000

Debtors: amounts falling due within one year
 5 
8,476
8,256

Cash at bank and in hand
  
29,008
49,862

  
47,484
70,118

Creditors: amounts falling due within one year
 6 
(41,554)
(65,442)

Net current assets
  
 
 
5,930
 
 
4,676

Total assets less current liabilities
  
11,363
11,068

Provisions for liabilities
  

Deferred tax
  
(1,030)
(1,215)

Net assets
  
10,333
9,853


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
10,331
9,851

  
10,333
9,853


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.


Mrs. M. Nixon
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
M & P NIXON (TORQUAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

M & P Nixon (Torquay) Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office is 123 St Marychurch Road, Torquay, TQ1 3HL, which is also the address of its principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is dependent upon financial support from its director, who has indicated that she will continue to provide the financial support necessary to enable the company to continue in operational existence for the forseeable future. Accordingly, these financial statements have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
M & P NIXON (TORQUAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Page 3

 
M & P NIXON (TORQUAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 4

 
M & P NIXON (TORQUAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Fixtures & fittings

£



Cost 


At 1 August 2022
78,367



At 31 July 2023

78,367



Depreciation


At 1 August 2022
71,975


Charge for the year on owned assets
959



At 31 July 2023

72,934



Net book value



At 31 July 2023
5,433



At 31 July 2022
6,392


5.


Debtors

2023
2022
£
£


Trade debtors
8,236
8,023

Prepayments and accrued income
240
233

8,476
8,256



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
1,232
1,446

Other taxation and social security
7,305
8,385

Other creditors
30,312
52,922

Accruals and deferred income
2,705
2,689

41,554
65,442


 
Page 5