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Registered number: 13751018
Mpm Development Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13751018
30 November 2023 30 November 2022
as restated
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 - 16,302
Debtors 5 1,820 414
Cash at bank and in hand 2 17,337
1,822 34,053
Creditors: Amounts Falling Due Within One Year 6 (14,062 ) (34,825 )
NET CURRENT ASSETS (LIABILITIES) (12,240 ) (772 )
TOTAL ASSETS LESS CURRENT LIABILITIES (12,240 ) (772 )
NET LIABILITIES (12,240 ) (772 )
CAPITAL AND RESERVES
Called up share capital 7 100 1
Profit and Loss Account (12,340 ) (773 )
SHAREHOLDERS' FUNDS (12,240) (772)
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Gari Magalov
Director
5 April 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Mpm Development Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13751018 . The registered office is 86-90, Paul Street, England, London, EC2A 4NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The directors believe that the company would have sufficient resources to continue to trade for foreseeable future.
2.3. Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Sale of trading properties
Turnover from the sale of trading properties is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, which is usually at the completion.
Rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Stocks
30 November 2023 30 November 2022
as restated
£ £
Stock - 16,302
5. Debtors
30 November 2023 30 November 2022
as restated
£ £
Due within one year
Other debtors 1,033 -
Amounts owed by other related parties 787 414
1,820 414
Page 2
Page 3
6. Creditors: Amounts Falling Due Within One Year
30 November 2023 30 November 2022
as restated
£ £
Other taxes and social security 5,908 896
Other creditors - 200
Accruals and deferred income 1,440 26,720
Director's loan account 6,714 7,009
14,062 34,825
7. Share Capital
30 November 2023 30 November 2022
as restated
£ £
Allotted, Called up and fully paid 100 1
8. Related Party Transactions
Included in creditors due within one year is an amount of £6,714 (2022: £7,009 ) owed to its director. The amount is interest free and repayable on demand.
Included in debtors due within one year is an amount of £787 (2022 :£414) owed to the company in which the director has a beneficial interest. The amount is interest free and repayable on demand.
9. Ultimate Controlling Party
The company's ultimate controlling party is the director by virtue of the ownership of 100% of the issued share capital in the company.
Page 3