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Registered number: 03933148
MPC Systems Limited
Financial Statements
For The Year Ended 31 March 2024
NJR Accountancy Services Limited
14 Victoria Square
Droitwich Spa
Worcestershire
WR9 8DS
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03933148
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 158,221 113,232
158,221 113,232
CURRENT ASSETS
Stocks 5 9,869 9,172
Debtors 6 596,439 836,172
Cash at bank and in hand 789,418 587,438
1,395,726 1,432,782
Creditors: Amounts Falling Due Within One Year 7 (391,031 ) (486,015 )
NET CURRENT ASSETS (LIABILITIES) 1,004,695 946,767
TOTAL ASSETS LESS CURRENT LIABILITIES 1,162,916 1,059,999
Creditors: Amounts Falling Due After More Than One Year 8 - (46,608 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (25,141 ) (9,483 )
NET ASSETS 1,137,775 1,003,908
CAPITAL AND RESERVES
Called up share capital 10 45 45
Capital redemption reserve 45 45
Income Statement 1,137,685 1,003,818
SHAREHOLDERS' FUNDS 1,137,775 1,003,908
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr R Wooldridge
Director
6th August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MPC Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03933148 . The registered office is 16 Victoria Square, Droitwich Spa, Worcestershire, WR9 8DS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 11)
12 11
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 15,863 242,635 864 36,772 296,134
Additions - 79,690 - 4,674 84,364
Disposals - (24,510 ) - - (24,510 )
As at 31 March 2024 15,863 297,815 864 41,446 355,988
Depreciation
As at 1 April 2023 14,613 139,667 648 27,974 182,902
Provided during the period 625 34,075 216 4,459 39,375
Disposals - (24,510 ) - - (24,510 )
As at 31 March 2024 15,238 149,232 864 32,433 197,767
Net Book Value
As at 31 March 2024 625 148,583 - 9,013 158,221
As at 1 April 2023 1,250 102,968 216 8,798 113,232
5. Stocks
2024 2023
£ £
Work in progress 9,869 9,172
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 545,538 774,564
Other debtors 50,901 61,608
596,439 836,172
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 46,608 3,148
Trade creditors 179,257 332,521
Other creditors 48,844 54,318
Taxation and social security 116,322 96,028
391,031 486,015
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Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 46,608
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 46,608 3,148
Later than one year and not later than five years - 46,608
46,608 49,756
46,608 49,756
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 45 45
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr R Wooldridge 195,000 202,500
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