Registered number
11222587
(England & Wales)
MRS TRIO LIMITED
Unaudited Filleted Accounts
for the year ended 31 July 2023
MRS TRIO LIMITED
Registered number: 11222587
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 11,000
Tangible assets 4 107,308 124,105
117,308 135,105
Current assets
Stocks 13,675 19,850
Debtors 5 94,580 35,887
Cash at bank and in hand 18,119 93,285
126,374 149,022
Creditors: amounts falling due within one year 6 (112,631) (161,817)
Net current assets/(liabilities) 13,743 (12,795)
Total assets less current liabilities 131,051 122,310
Creditors: amounts falling due after more than one year 7 (79,402) (31,192)
Provisions for liabilities (20,389) (23,580)
Net assets 31,260 67,538
Capital and reserves
Called up share capital 150 150
Profit and loss account 31,110 67,388
Shareholders' funds 31,260 67,538
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
R Begum S Khan M U Shahid
Director Director Director
Approved by the board on 18 April 2024
MRS TRIO LIMITED
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures, fittings and equipment 15% per annum on a reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 32 32
3 Intangible fixed assets £
Franchise
Cost
At 1 August 2022 15,000
At 31 July 2023 15,000
Amortisation
At 1 August 2022 4,000
Provided during the year 1,000
At 31 July 2023 5,000
Net book value
At 31 July 2023 10,000
At 31 July 2022 11,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 August 2022 230,121
Additions 2,140
At 31 July 2023 232,261
Depreciation
At 1 August 2022 106,016
Charge for the year 18,937
At 31 July 2023 124,953
Net book value
At 31 July 2023 107,308
At 31 July 2022 124,105
5 Debtors 2023 2022
£ £
VAT debtor - -
Prepayments 2,254 12,862
Loans to related parties 92,326 23,025
94,580 35,887
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,787 9,546
Trade creditors and accruals 68,349 106,932
Taxation and social security costs 34,495 45,339
112,631 161,817
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,313 29,341
Director's loan account - R Begum 13,254 800
Director's loan account - S Khan 16,337 348
Director's loan account - M U Shahid 14,459 703
Loan from MRS TRIO TWO LTD 16,039 -
79,402 31,192
8 Related party transactions
The directors consider all related party transactions to have taken place at arms length.
9 Controlling party
The company is under the control of directors R Begum, S Khan and M U Shahid who each hold 33.33% of the issued ordinary share capital. All dividends paid are for their benefit.
10 Other information
MRS TRIO LIMITED is a private company limited by shares and incorporated in England. The accounts are presented in sterling which is the functional currency of the company. Its registered office is:
29-31 Finedon Road
Wellingborough
Northants
NN8 4AS
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