Registered number
10740658
MK PLANT TRANSPORT LIMITED
Filleted Accounts
30 April 2023
MK PLANT TRANSPORT LIMITED
Registered number: 10740658
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,600 14,500
Tangible assets 4 666,442 645,284
678,042 659,784
Current assets
Debtors 5 - 162,790
Cash at bank and in hand 33,719 23,765
33,719 186,555
Creditors: amounts falling due within one year 6 (430,807) (508,912)
Net current liabilities (397,088) (322,357)
Total assets less current liabilities 280,954 337,427
Creditors: amounts falling due after more than one year 7 (211,269) (244,913)
Net assets 69,685 92,514
Capital and reserves
Called up share capital 1 1
Profit and loss account 69,684 92,513
Shareholders' funds 69,685 92,514
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.
N W Malpus
Director
Approved by the board on 29 January 2024
MK PLANT TRANSPORT LIMITED
Notes to the Accounts
for the year ended 30 April 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 20-25% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 3 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 29,000
At 30 April 2023 29,000
Amortisation
At 1 May 2022 14,500
Provided during the year 2,900
At 30 April 2023 17,400
Net book value
At 30 April 2023 11,600
At 30 April 2022 14,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2022 805,091 96,772 901,863
Additions 172,029 - 172,029
Disposals (84,790) - (84,790)
At 30 April 2023 892,330 96,772 989,102
Depreciation
At 1 May 2022 220,452 36,127 256,579
Charge for the year 87,998 7,208 95,206
On disposals (29,125) - (29,125)
At 30 April 2023 279,325 43,335 322,660
Net book value
At 30 April 2023 613,005 53,437 666,442
At 30 April 2022 584,639 60,645 645,284
5 Debtors 2023 2022
£ £
Trade debtors - 162,790
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 149,453 139,462
Trade creditors 38,765 26,135
Taxation and social security costs 16,936 28,722
Other creditors 225,653 314,593
430,807 508,912
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 44,340 47,014
Obligations under finance lease and hire purchase contracts 166,929 197,899
211,269 244,913
8 Other information
MK PLANT TRANSPORT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Praed Road
Trafford Park
Manchester
M17 1PQ
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