Company registration number 13526255 (England and Wales)
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
COMPANY INFORMATION
Director
Mr M R Walker
Company number
13526255
Registered office
First Floor, The Old Laboratory
Paddington House
New Road
Kidderminster
Worcestershire
DY10 1AL
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
66 Oxford Street
Kidderminster
Worcestershire
DY10 1BL
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M W PROPERTY SERVICES (KIDDERMINSTER) LTD FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M W Property Services (Kidderminster) Ltd for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of M W Property Services (Kidderminster) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M W Property Services (Kidderminster) Ltd and state those matters that we have agreed to state to the board of directors of M W Property Services (Kidderminster) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M W Property Services (Kidderminster) Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that M W Property Services (Kidderminster) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M W Property Services (Kidderminster) Ltd. You consider that M W Property Services (Kidderminster) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of M W Property Services (Kidderminster) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
24 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,288
4,360
Tangible assets
4
11,820
7,130
18,108
11,490
Current assets
Debtors
5
12,899
1,812
Cash at bank and in hand
13,243
13,468
26,142
15,280
Creditors: amounts falling due within one year
6
(22,876)
(18,961)
Net current assets/(liabilities)
3,266
(3,681)
Total assets less current liabilities
21,374
7,809
Provisions for liabilities
7
(2,955)
(1,355)
Net assets
18,419
6,454
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
18,319
6,354
Total equity
18,419
6,454
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 member has 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 24 July 2024
Mr M R Walker
Director
Company registration number 13526255 (England and Wales)
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
M W Property Services (Kidderminster) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, The Old Laboratory, Paddington House, New Road, Kidderminster, Worcestershire, DY10 1AL.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website software
5 years
1.4
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:
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Website software
£
Cost
At 1 January 2023
4,360
Additions
3,500
At 31 December 2023
7,860
Amortisation and impairment
At 1 January 2023
Amortisation charged for the year
1,572
At 31 December 2023
1,572
Carrying amount
At 31 December 2023
6,288
At 31 December 2022
4,360
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
4,409
5,408
9,817
Additions
7,718
1,534
9,252
At 31 December 2023
12,127
6,942
19,069
Depreciation and impairment
At 1 January 2023
884
1,803
2,687
Depreciation charged in the year
2,249
2,313
4,562
At 31 December 2023
3,133
4,116
7,249
Carrying amount
At 31 December 2023
8,994
2,826
11,820
At 31 December 2022
3,525
3,605
7,130
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
854
Other debtors
12,045
1,812
12,899
1,812
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,113
3,148
Taxation and social security
18,452
14,339
Other creditors
1,311
1,474
22,876
18,961
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,955
1,355
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan account
-
-
9,060
9,060
-
9,060
9,060
The director's loan account was repaid within nine months of the year end.
M W PROPERTY SERVICES (KIDDERMINSTER) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Ultimate controlling party
The ultimate controlling party is Mr M R Walker.