Company registration number 02793746 (England and Wales)
MK 1 LIMITED
T/A WHITTIT INSURANCE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
MK 1 LIMITED
T/A WHITTIT INSURANCE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MK 1 LIMITED
T/A WHITTIT INSURANCE
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
87,933
107,937
Tangible assets
4
672,699
635,658
Investment property
5
655,013
655,013
1,415,645
1,398,608
Current assets
Stocks
850,228
843,605
Debtors
6
849,491
518,693
Cash at bank and in hand
519,579
653,386
2,219,298
2,015,684
Creditors: amounts falling due within one year
7
(245,365)
(154,860)
Net current assets
1,973,933
1,860,824
Total assets less current liabilities
3,389,578
3,259,432
Creditors: amounts falling due after more than one year
8
(23,272)
(33,203)
Provisions for liabilities
(14,113)
(3,688)
Net assets
3,352,193
3,222,541
Capital and reserves
Called up share capital
2
2
Non-distributable profits reserve
9
23,090
23,729
Distributable profit and loss reserves
3,329,101
3,198,810
Total equity
3,352,193
3,222,541

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MK 1 LIMITED
T/A WHITTIT INSURANCE
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 April 2024
Mr M W Whittit
Director
Company registration number 02793746 (England and Wales)
MK 1 LIMITED
T/A WHITTIT INSURANCE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

MK 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Deer Park Business Centre, Old Haldon Hill, Kennford, Exeter, Devon, United Kingdom, EX6 7XX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Insurance broking

Turnover represents revenues derived from insurance broking. Brokerage income is recognised at the date when the insured is debited with the premium due or the inception date of the policy, whichever is the earlier. The insured is debited with the premium due when the necessary work required to earn that premium has been completed.

 

Apartment hotel

Turnover represents income received from rooms and services provided by the apartment hotel.

 

Property development

Turnover represents the fair value of the consideration received from the sale of properties. Income is recognised at the date of completion.

1.3
Intangible fixed assets - goodwill

Acquired goodwill and intangibles are written off in equal annual instalments over their estimated useful economic life of 20 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold
0% per annum on cost
Fixtures, fittings & equipment
25% per annum on net book value
Computer equipment
25% per annum on net book value
Motor vehicles
12.5% per annum on cost

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.

Freehold property

Freehold property is deemed to have a residual value of no less than cost. Land is deemed to have an indefinite useful life and therefore is not depreciated.

MK 1 LIMITED
T/A WHITTIT INSURANCE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Stocks

Stock of properties under development are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and labour costs, and those overheads that have been incurred in bringing the properties under development to their present condition.

1.7
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MK 1 LIMITED
T/A WHITTIT INSURANCE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
400,081
Amortisation and impairment
At 1 August 2022
292,144
Amortisation charged for the year
20,004
At 31 July 2023
312,148
Carrying amount
At 31 July 2023
87,933
At 31 July 2022
107,937
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
626,890
47,800
674,690
Additions
-
0
44,315
44,315
At 31 July 2023
626,890
92,115
719,005
Depreciation and impairment
At 1 August 2022
-
0
39,032
39,032
Depreciation charged in the year
-
0
7,274
7,274
At 31 July 2023
-
0
46,306
46,306
Carrying amount
At 31 July 2023
626,890
45,809
672,699
At 31 July 2022
626,890
8,768
635,658
MK 1 LIMITED
T/A WHITTIT INSURANCE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
655,013

Investment property comprises three properties. The fair value of the investment properties has been assessed at the year end by the director. It is the opinion of the director that there has been no material change in the fair value of the properties in the period.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
102,022
111,925
Other debtors
610,354
392,142
Prepayments and accrued income
137,115
14,626
849,491
518,693
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,932
9,687
Trade creditors
104,422
69,321
Taxation and social security
43,804
24,161
Other creditors
87,207
51,691
245,365
154,860

The bank loan balance relates to a bounce back loan which is secured against the assets of the company.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,272
33,203

The bank loan balance relates to a bounce back loan which is secured against the assets of the company.

MK 1 LIMITED
T/A WHITTIT INSURANCE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
23,729
23,729
Non distributable profits in the year
(639)
-
At the end of the year
23,090
23,729

The non distributable profit reserve represents a net of tax adjustment for the increase in the value of investment properties.

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