Company registration number 01961032 (England and Wales)
MLC ENGINE AND CHASSIS COMPONENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MLC ENGINE AND CHASSIS COMPONENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MLC ENGINE AND CHASSIS COMPONENTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
85,000
85,000
Current assets
Debtors
4
14,500
-
0
Cash at bank and in hand
2,267
3,927
16,767
3,927
Creditors: amounts falling due within one year
5
(87,130)
(86,130)
Net current liabilities
(70,363)
(82,203)
Net assets
14,637
2,797
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
38,982
38,982
Profit and loss reserves
(24,445)
(36,285)
Total equity
14,637
2,797

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 17 April 2024
Mr S A K Patel
Director
Company registration number 01961032 (England and Wales)
MLC ENGINE AND CHASSIS COMPONENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

MLC Engine and Chassis Components Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 43-59 Great George Street, Preston, Lancashire, PR1 1TJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant on the financial support of its director and former director. The director has continued to prepare the accounts on a going concern basis on the assumption this support will continue to be made available. true

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MLC ENGINE AND CHASSIS COMPONENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 January 2023 and 31 December 2023
85,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
85,000
At 31 December 2022
85,000

Land and buildings with a carrying amount of £85,000 were revalued at market value at 31 December 2022 by the director.

The revaluation surplus is disclosed in note 7.

The historic cost of the freehold property is £46,018.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,500
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
87,130
86,130

Other creditors include £50,016 (2022: £50,016) owed to former directors and £36,514 (2022: £35,514) owed to the director.

 

MLC ENGINE AND CHASSIS COMPONENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Revaluation reserve
2023
2022
£
£
At the beginning of the year
38,982
-
0
Revaluation surplus arising in the year
-
0
38,982
At the end of the year
38,982
38,982
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