Registered number
09370280
MTS Electricals (NW) Limited
Filleted Accounts
31 December 2023
MTS Electricals (NW) Limited
Registered number: 09370280
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5 2,630
Tangible assets 4 3,817 7,624
3,822 10,254
Current assets
Debtors 5 5,287 5,681
Cash at bank and in hand 4,478 30,645
9,765 36,326
Creditors: amounts falling due within one year 6 (13,186) (46,378)
Net current liabilities (3,421) (10,052)
Net assets 401 202
Capital and reserves
Called up share capital 10 10
Profit and loss account 391 192
Shareholders' funds 401 202
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mark O'Neil
Director
Approved by the board on 13 August 2024
MTS Electricals (NW) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 29,630
At 31 December 2023 29,630
Amortisation
At 1 January 2023 27,000
Provided during the year 2,625
At 31 December 2023 29,625
Net book value
At 31 December 2023 5
At 31 December 2022 2,630
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 498 24,003 24,501
At 31 December 2023 498 24,003 24,501
Depreciation
At 1 January 2023 493 16,384 16,877
Charge for the year - 3,807 3,807
At 31 December 2023 493 20,191 20,684
Net book value
At 31 December 2023 5 3,812 3,817
At 31 December 2022 5 7,619 7,624
5 Debtors 2023 2022
£ £
Other debtors 5,287 5,681
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 5,351 6,585
Corporation tax 6,170 9,041
Other taxes and social security costs 665 4,585
Other creditors 1,000 26,167
13,186 46,378
7 Controlling party
The company is controlled by the director by reason of his shareholding.
8 Other information
MTS Electricals (NW) Limited is a private company limited by shares and incorporated in England. Its registered office is:
13 Village Road, Bebington, Wirral, Merseyside, England, CH63 8PP
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