MKT Homes Limited 05818840 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of renting out properties and providing consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true 05818840 2023-04-01 2024-03-31 05818840 2024-03-31 05818840 core:RetainedEarningsAccumulatedLosses 2024-03-31 05818840 core:ShareCapital 2024-03-31 05818840 core:CurrentFinancialInstruments 2024-03-31 05818840 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05818840 core:FurnitureFittingsToolsEquipment 2024-03-31 05818840 core:LandBuildings 2024-03-31 05818840 bus:SmallEntities 2023-04-01 2024-03-31 05818840 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05818840 bus:FullAccounts 2023-04-01 2024-03-31 05818840 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05818840 bus:RegisteredOffice 2023-04-01 2024-03-31 05818840 bus:Director1 2023-04-01 2024-03-31 05818840 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05818840 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05818840 core:LandBuildings 2023-04-01 2024-03-31 05818840 core:OfficeEquipment 2023-04-01 2024-03-31 05818840 countries:EnglandWales 2023-04-01 2024-03-31 05818840 2023-03-31 05818840 core:FurnitureFittingsToolsEquipment 2023-03-31 05818840 core:LandBuildings 2023-03-31 05818840 2022-04-01 2023-03-31 05818840 2023-03-31 05818840 core:RetainedEarningsAccumulatedLosses 2023-03-31 05818840 core:ShareCapital 2023-03-31 05818840 core:CurrentFinancialInstruments 2023-03-31 05818840 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05818840 core:FurnitureFittingsToolsEquipment 2023-03-31 05818840 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 05818840

MKT Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

MKT Homes Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

MKT Homes Limited

(Registration number: 05818840)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

130,154

131,600

Current assets

 

Debtors

5

1,347

1,209

Cash at bank and in hand

 

9,410

8,395

 

10,757

9,604

Creditors: Amounts falling due within one year

6

(137,026)

(139,913)

Net current liabilities

 

(126,269)

(130,309)

Net assets

 

3,885

1,291

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,883

1,289

Shareholders' funds

 

3,885

1,291

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

.........................................
IM Townsend
Director

 

MKT Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Rose Cottages
Todmorden Road, Briercliffe
BURNLEY
Lancashire
BB10 3QQ
England

These financial statements were authorised for issue by the Board on 25 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MKT Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

1% straight line

Office equipment

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MKT Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

141,134

1,755

142,889

At 31 March 2024

141,134

1,755

142,889

Depreciation

At 1 April 2023

9,878

1,412

11,290

Charge for the year

1,411

34

1,445

At 31 March 2024

11,289

1,446

12,735

Carrying amount

At 31 March 2024

129,845

309

130,154

At 31 March 2023

131,256

344

131,600

Included within the net book value of land and buildings above is £129,845 (2023 - £131,256) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Prepayments

597

459

Other debtors

750

750

 

1,347

1,209

 

MKT Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,417

1,384

Accruals and deferred income

800

800

Other creditors

134,809

137,729

137,026

139,913