Company Registration number:
M K Conversions Limited
Financial Statements
for the
Year Ended 31 August 2023
M K Conversions Limited
Contents
Pages
Balance sheet |
|
Notes to the financial statements |
M K Conversions Limited
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
M K Conversions Limited
Balance Sheet as at 31 August 2023 (continued)
For the financial year ending 31 August 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Company registration number: 04503393
Approved and authorised by the
......................................... |
M K Conversions Limited
Notes to the financial statements for the Year Ended 31 August 2023
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
ACCOUNTING POLICIES |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
M K Conversions Limited
Notes to the financial statements for the Year Ended 31 August 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Judgements and key sources of estimation uncertainty and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year,
exclusive of Value Added Tax.
In respect of long term contracts and contracts for on-going services, turnover represents the
value of work done in the year including estimates of amounts not invoiced. Turnover in respect
of long-term contracts and contracts for on-going services is recognised by reference to the
stage of completion.
Interest received or receivable is recognised as it becomes due.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
M K Conversions Limited
Notes to the financial statements for the Year Ended 31 August 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% reducing balance |
Motor vehicles |
25% reducing balance |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
M K Conversions Limited
Notes to the financial statements for the Year Ended 31 August 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Financial instruments
contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence
of impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the
reversal does not result in a carrying amount of the financial asset that exceeds what the
carrying amount would have been had the impairment not previously been recognised.
Recognition and measurement
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
STAFF NUMBERS |
The average number of persons employed by the company (including the director) during the year, was
M K Conversions Limited
Notes to the financial statements for the Year Ended 31 August 2023 (continued)
PROFIT BEFORE TAX |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
TANGIBLE ASSETS |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||
At 1 September 2022 |
|
|
|
At 31 August 2023 |
|
|
|
Depreciation |
|||
At 1 September 2022 |
|
|
|
Charge for the year |
|
|
|
At 31 August 2023 |
|
|
|
Carrying amount |
|||
At 31 August 2023 |
|
|
|
At 31 August 2022 |
|
|
|
M K Conversions Limited
Notes to the financial statements for the Year Ended 31 August 2023 (continued)
DEBTORS |
2023 |
2022 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
CREDITORS |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £384 (2022 £4,822)