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COMPANY REGISTRATION NUMBER: 03326070
M.P.M. SPECIALIST SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 October 2023
M.P.M. SPECIALIST SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
122,267
105,339
Current assets
Stocks
23,738
5,769
Debtors
6
668,745
711,529
Investments
7
297,500
340,000
Cash at bank and in hand
17,318
19,779
-------------
-------------
1,007,301
1,077,077
Creditors: amounts falling due within one year
8
816,027
965,142
-------------
-------------
Net current assets
191,274
111,935
----------
----------
Total assets less current liabilities
313,541
217,274
Creditors: amounts falling due after more than one year
9
69,167
29,167
Provisions
Taxation including deferred tax
17,072
12,067
----------
----------
Net assets
227,302
176,040
----------
----------
M.P.M. SPECIALIST SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
65
65
Profit and loss account
227,237
175,975
----------
----------
Shareholders funds
227,302
176,040
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 October 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 December 2023 , and are signed on behalf of the board by:
P S Young
Director
Company registration number: 03326070
M.P.M. SPECIALIST SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, war in Ukraine, rising inflation and interest rates.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Fixtures,fittings & equipment
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 55 (2022: 65 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 31 October 2022
57,239
28,286
280,566
366,091
Additions
2,102
1,343
56,899
60,344
Disposals
( 1,853)
( 3,505)
( 67,586)
( 72,944)
---------
---------
----------
----------
At 30 October 2023
57,488
26,124
269,879
353,491
---------
---------
----------
----------
Depreciation
At 31 October 2022
46,182
19,011
195,559
260,752
Charge for the year
3,758
3,775
30,434
37,967
Disposals
( 1,853)
( 2,453)
( 63,189)
( 67,495)
---------
---------
----------
----------
At 30 October 2023
48,087
20,333
162,804
231,224
---------
---------
----------
----------
Carrying amount
At 30 October 2023
9,401
5,791
107,075
122,267
---------
---------
----------
----------
At 30 October 2022
11,057
9,275
85,007
105,339
---------
---------
----------
----------
6. Debtors
2023
2022
£
£
Trade debtors
522,813
551,987
Amounts owed by group undertakings and undertakings in which the company has a participating interest
56,750
57,500
Other debtors
89,182
102,042
----------
----------
668,745
711,529
----------
----------
7. Investments
2023
2022
£
£
Other investments
297,500
340,000
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
111,033
117,907
Corporation tax
70,822
58,277
Social security and other taxes
161,092
194,078
Other creditors
463,080
584,880
----------
----------
816,027
965,142
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
Other creditors
50,000
---------
---------
69,167
29,167
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
12,524
12,090
---------
---------
11. Contingencies
The company has given an Unlimited Cross Company Guarantee on the bank borrowings of the parent company Quinze Holdings Limited.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P S Young
( 5)
( 50,008)
( 50,013)
M S Beaumont
( 71)
49
( 22)
----
---------
---------
( 76)
( 49,959)
( 50,035)
----
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P S Young
( 72)
67
( 5)
M S Beaumont
( 35)
( 36)
( 71)
----
----
----
( 107)
31
( 76)
----
----
----
13. Related party transactions
The company was under the control of Quinze Holdings Limited. P S Young is the ultimate controlling party by virtue of owning 84.5% of Quinze Holdings Limited.
14. Controlling party
The parent company is Quinze Holdings Limited, a company registered in England.