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REGISTERED NUMBER: 13064203 (England and Wales)















MKT STYLES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024






MKT STYLES LIMITED (REGISTERED NUMBER: 13064203)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MKT STYLES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: N H Purdon
J L Purdon





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN





REGISTERED NUMBER: 13064203 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

MKT STYLES LIMITED (REGISTERED NUMBER: 13064203)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 35,000 40,000
Property, plant and equipment 5 2,374 1,027
37,374 41,027

CURRENT ASSETS
Inventories 197,303 248,695
Debtors 6 20,530 18,694
Cash at bank and in hand 73,139 78,248
290,972 345,637
CREDITORS
Amounts falling due within one year 7 (80,457 ) (93,013 )
NET CURRENT ASSETS 210,515 252,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

247,889

293,651

PROVISIONS FOR LIABILITIES (451 ) -
NET ASSETS 247,438 293,651

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 176,049 176,049
Retained earnings 71,289 117,502
247,438 293,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

MKT STYLES LIMITED (REGISTERED NUMBER: 13064203)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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 11 July 2024 and were signed on its behalf by:





N H Purdon - Director


MKT STYLES LIMITED (REGISTERED NUMBER: 13064203)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

MKT Styles Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 13064203 and registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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.

Going concern
The company had net assets of £247,438 (2023: £293,651) and cash reserves of £73,139 (2023: £78,248) at the year end. The company has continued to trade profitably, and therefore the directors believe that the company is well placed to manage the risks in these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods provided, net of value added tax, rebates and discounts. Sales of goods are recognised when a successful online order has been processed, the associated electronic payment received and the respective goods despatched.

Goodwill
Goodwill, being the amount paid in relation to the incorporation and subsequent sale of the company, is being amortised evenly over its useful life of ten years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises

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

Net realisable value is estimated at selling price less costs to complete and sell.

Cost represents the purchase price of the goods.

MKT STYLES LIMITED (REGISTERED NUMBER: 13064203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

MKT STYLES LIMITED (REGISTERED NUMBER: 13064203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 50,000
AMORTISATION
At 1 February 2023 10,000
Charge for year 5,000
At 31 January 2024 15,000
NET BOOK VALUE
At 31 January 2024 35,000
At 31 January 2023 40,000

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 February 2023 1,292
Additions 1,715
At 31 January 2024 3,007
DEPRECIATION
At 1 February 2023 265
Charge for year 368
At 31 January 2024 633
NET BOOK VALUE
At 31 January 2024 2,374
At 31 January 2023 1,027

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 18,899 18,043
Other debtors 1,631 651
20,530 18,694

MKT STYLES LIMITED (REGISTERED NUMBER: 13064203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,242 46,869
Taxation and social security 56,633 44,730
Other creditors 20,582 1,414
80,457 93,013