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REGISTERED NUMBER: 07773623 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MPI FORD LIMITED

MPI FORD LIMITED (REGISTERED NUMBER: 07773623)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MPI FORD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: R J Ford
Mrs K M Ford





REGISTERED OFFICE: 1 Sanderling Way
Locks Common
Porthcawl
Bridgend
CF36 3TD





REGISTERED NUMBER: 07773623 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

MPI FORD LIMITED (REGISTERED NUMBER: 07773623)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 929
Tangible assets 5 8,903 9,392
8,903 10,321

CURRENT ASSETS
Stocks 85,000 68,750
Debtors 6 192,337 298,060
Cash at bank and in hand 11,481 17,723
288,818 384,533
CREDITORS
Amounts falling due within one year 7 209,635 205,619
NET CURRENT ASSETS 79,183 178,914
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,086

189,235

PROVISIONS FOR LIABILITIES 1,691 1,784
NET ASSETS 86,395 187,451

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 86,295 187,351
SHAREHOLDERS' FUNDS 86,395 187,451

MPI FORD LIMITED (REGISTERED NUMBER: 07773623)

BALANCE SHEET - continued
31 OCTOBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





R J Ford - Director


MPI FORD LIMITED (REGISTERED NUMBER: 07773623)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

MPI Ford Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. Turnover is also recognised at the point of sale in respect of retail transactions.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MPI FORD LIMITED (REGISTERED NUMBER: 07773623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 32 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 100,000 9,290 109,290
AMORTISATION
At 1 November 2022 100,000 8,361 108,361
Charge for year - 929 929
At 31 October 2023 100,000 9,290 109,290
NET BOOK VALUE
At 31 October 2023 - - -
At 31 October 2022 - 929 929

MPI FORD LIMITED (REGISTERED NUMBER: 07773623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 62,249
Additions 4,042
At 31 October 2023 66,291
DEPRECIATION
At 1 November 2022 52,857
Charge for year 4,531
At 31 October 2023 57,388
NET BOOK VALUE
At 31 October 2023 8,903
At 31 October 2022 9,392

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 192,337 298,060

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 60,182 49,537
Taxation and social security 146,153 152,782
Other creditors 3,300 3,300
209,635 205,619

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 70,000 55,000

MPI FORD LIMITED (REGISTERED NUMBER: 07773623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
R J Ford and Mrs K M Ford
Balance outstanding at start of year 298,060 15,917
Amounts advanced 192,337 298,060
Amounts repaid (298,060 ) (15,917 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 192,337 298,060

This loan is repayable on demand.