Company registration number 07438191 (England and Wales)
M Town Ltd
Unaudited
financial statements
for the year ended 30 November 2023
PAGES FOR FILING WITH REGISTRAR
M Town Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
M Town Ltd
Statement Of Financial Position
as at 30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,043
31,708
Current assets
Debtors
4
81,351
120,109
Cash at bank and in hand
97,588
25,619
178,939
145,728
Creditors: amounts falling due within one year
5
(161,012)
(135,179)
Net current assets
17,927
10,549
Total assets less current liabilities
29,970
42,257
Creditors: amounts falling due after more than one year
6
(29,086)
(42,116)
Net assets
884
141
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
882
139
Total equity
884
141
M Town Ltd
Statement Of Financial Position (continued)
as at 30 November 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 by the board of directors and authorised for issue on 6 June 2024 and are signed on its behalf by:
L J Town
Director
Company Registration No. 07438191
M Town Ltd
Notes to the Financial Statements
for the year ended 30 November 2023
- 3 -
1
Accounting policies
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 are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT.
Turnover is recognised upon the provision of goods and services to the customer.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, less depreciation.
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, fittings & equipment
- 20% straight line
Motor vehicles
- 25% straight line
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
M Town Ltd
Notes to the Financial Statements (continued)
for the year ended 30 November 2023
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
27,267
55,751
83,018
Additions
1,554
1,554
Disposals
(2,333)
(2,333)
At 30 November 2023
28,821
53,418
82,239
Depreciation and impairment
At 1 December 2022
15,734
35,576
51,310
Depreciation charged in the year
5,531
13,355
18,886
At 30 November 2023
21,265
48,931
70,196
Carrying amount
At 30 November 2023
7,556
4,487
12,043
At 30 November 2022
11,533
20,175
31,708
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
81,351
120,109
5
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
10,000
10,000
Obligations under finance leases
3,160
3,160
Trade creditors
44,221
41,979
Corporation tax
12,008
6,467
Other taxation and social security
18,361
1,362
Accruals and deferred income
73,262
72,211
161,012
135,179
The assets under finance leases are secured on the assets to which they relate.
M Town Ltd
Notes to the Financial Statements (continued)
for the year ended 30 November 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
15,785
25,655
Obligations under finance leases
13,301
16,461
29,086
42,116
The assets under finance leases are secured on the assets to which they relate.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1 A Ordinary share of £1 each
1
1
2
2
8
Company information
M Town Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.