Registered number
11113653
ML Decorating Ltd
Unaudited Filleted Accounts
30 November 2023
ML Decorating Ltd
Registered number: 11113653
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,239 11,549
Current assets
Debtors 4 2,824 12,530
Cash at bank and in hand 27,224 21,178
30,048 33,708
Creditors: amounts falling due within one year 5 (17,571) (21,224)
Net current assets 12,477 12,484
Total assets less current liabilities 21,716 24,033
Creditors: amounts falling due after more than one year 6 (17,099) (19,913)
Net assets 4,617 4,120
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,517 4,020
Shareholder's funds 4,617 4,120
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 member has 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 Murphy
Director
Approved by the board on 8 February 2024
ML Decorating Ltd
Notes to the Accounts
for the year ended 30 November 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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 all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 December 2022 6,600 14,774 21,374
At 30 November 2023 6,600 14,774 21,374
Depreciation
At 1 December 2022 3,436 6,389 9,825
Charge for the year 633 1,677 2,310
At 30 November 2023 4,069 8,066 12,135
Net book value
At 30 November 2023 2,531 6,708 9,239
At 30 November 2022 3,164 8,385 11,549
4 Debtors 2023 2022
£ £
Trade debtors 2,824 8,400
Other debtors - 4,130
2,824 12,530
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,000 3,000
Taxation and social security costs 6,820 5,724
Other creditors 7,751 12,500
17,571 21,224
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,099 19,913
7 Controlling party
The ultimate controlling party during the period was Matthew Murphy who was also the shareholder.
7 Other information
ML Decorating Ltd is a private company limited by shares and incorporated in England. Its registered office is:
33 Newton Rd
Preston
PR2 1DY
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