MPRF LIMITED |
Notes to the Accounts |
for the year ended 31 May 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Stocks |
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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. |
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Provisions |
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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. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 June 2022 |
80,000 |
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At 31 May 2023 |
80,000 |
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Amortisation |
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At 1 June 2022 |
8,000 |
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Provided during the year |
8,000 |
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At 31 May 2023 |
16,000 |
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Net book value |
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At 31 May 2023 |
64,000 |
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At 31 May 2022 |
72,000 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. |
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4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Directors loan account |
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11,085 |
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14,079 |
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Corporation tax |
4,787 |
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10,465 |
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Other taxes and social security costs |
2,219 |
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2,069 |
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Value Added Tax |
1,929 |
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2,444 |
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20,020 |
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29,057 |
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5 |
Other information |
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MPRF LIMITED is a private company limited by shares and incorporated in England. |