Registered number
10878260
MKP PRESTON LIMITED
Filleted Accounts
31 July 2023
MKP PRESTON LIMITED
Registered number: 10878260
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 150,000 150,000
Tangible assets 4 2,599 3,249
152,599 153,249
Current assets
Stocks 31,453 32,155
Debtors 5 9,142 10,104
Cash at bank and in hand 92,666 122,324
133,261 164,583
Creditors: amounts falling due within one year 6 (10,972) (43,322)
Net current assets 122,289 121,261
Total assets less current liabilities 274,888 274,510
Creditors: amounts falling due after more than one year 7 (74,701) (87,857)
Net assets 200,187 186,653
Capital and reserves
Called up share capital 100 100
Profit and loss account 200,087 186,553
Shareholders' funds 200,187 186,653
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.
Mita Parekh
Director
Approved by the board on 09 Apr 2024
MKP PRESTON 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. 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:
Plant and machinery 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 150,000
Additions -
Disposals -
At 31 July 2023 150,000
Amortisation
At 1 August 2022 -
Provided during the year -
On disposals -
At 31 July 2023 -
Net book value
At 31 July 2023 150,000
At 31 July 2022 150,000
4 Tangible fixed assets
Furniture and Fixures Motor vehicles Total
£ £ £
Cost
At 1 August 2022 4,614 - 4,614
Additions - - -
At 31 July 2023 4,614 - 4,614
Depreciation
At 1 August 2022 1,365 - 1,365
Charge for the year 650 - 650
Surplus on revaluation - - -
On disposals - - -
At 31 July 2023 2,015 - 2,015
Net book value
At 31 July 2023 2,599 - 2,599
At 31 July 2022 3,249 - 3,249
5 Debtors 2023 2022
£ £
Trade debtors 8,766 10,104
Other debtors 376
9,142 10,104
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,382 2,357
Taxation and social security costs 3,327 30,751
Other creditors 3,263 10,214
10,972 43,322
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,455 47,539
Other creditors 38,246 40,318
74,701 87,857
MKP PRESTON LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
431 Blackpool Road
Preston
PR2 2DU
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