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REGISTERED NUMBER: 04592454 (England and Wales)




















MP Drywall Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023






MP Drywall Limited (Registered number: 04592454)






Contents of the Financial Statements
for the year ended 30 November 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


MP Drywall Limited

Company Information
for the year ended 30 November 2023







DIRECTORS: Mr P Barnaville
Mr M J McIntyre





SECRETARY: Mrs A M Barnaville





REGISTERED OFFICE: Pacioli House
9 Brookfield, Duncan Close
Moulton Park
Northampton
Northamptonshire
NN3 6WL





REGISTERED NUMBER: 04592454 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

MP Drywall Limited (Registered number: 04592454)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 126,461 238,553

CURRENT ASSETS
Stocks 5 162,552 176,502
Debtors 6 2,270,254 2,296,384
Cash at bank 102,458 402,425
2,535,264 2,875,311
CREDITORS
Amounts falling due within one year 7 1,989,382 2,097,410
NET CURRENT ASSETS 545,882 777,901
TOTAL ASSETS LESS CURRENT
LIABILITIES

672,343

1,016,454

CREDITORS
Amounts falling due after more than one
year

8

(211,002

)

(342,536

)

PROVISIONS FOR LIABILITIES 11 (24,028 ) (45,325 )
NET ASSETS 437,313 628,593

CAPITAL AND RESERVES
Called up share capital 12 10 10
Retained earnings 437,303 628,583
SHAREHOLDERS' FUNDS 437,313 628,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

MP Drywall Limited (Registered number: 04592454)

Balance Sheet - continued
30 November 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





Mr M J McIntyre - Director


MP Drywall Limited (Registered number: 04592454)

Notes to the Financial Statements
for the year ended 30 November 2023

1. STATUTORY INFORMATION

MP Drywall Limited is a private company, limited by shares, registered in England and Wales. The principal place of business is at 8 The Hawthorns, Flitwick, Bedfordshire, MK45 1FN. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are presented in sterling (£) and cover the period to 30th November each year.

Going concern
The financial statements have been prepared on a going concern basis as the company will continue to receive the support of the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes in respect of the provision of plastering and drywall services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

Stocks consist of drywall and plastering goods, and associated fixings held at client sites and not as yet consumed.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at undiscounted cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost.


MP Drywall Limited (Registered number: 04592454)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Contributions totalling £1,663 (2022: £954) were payable to the workplace pension scheme as at the year end.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

MP Drywall Limited (Registered number: 04592454)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 33,890 16,071 537,281 26,952 614,194
Disposals - - (49,215 ) - (49,215 )
At 30 November 2023 33,890 16,071 488,066 26,952 564,979
DEPRECIATION
At 1 December 2022 27,225 11,666 317,643 19,107 375,641
Charge for year 6,140 1,196 100,632 4,124 112,092
Eliminated on disposal - - (49,215 ) - (49,215 )
At 30 November 2023 33,365 12,862 369,060 23,231 438,518
NET BOOK VALUE
At 30 November 2023 525 3,209 119,006 3,721 126,461
At 30 November 2022 6,665 4,405 219,638 7,845 238,553

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022 359,156
Transfer to ownership (75,464 )
At 30 November 2023 283,692
DEPRECIATION
At 1 December 2022 154,574
Charge for year 85,576
Transfer to ownership (75,464 )
At 30 November 2023 164,686
NET BOOK VALUE
At 30 November 2023 119,006
At 30 November 2022 204,582

5. STOCKS
2023 2022
£    £   
Stocks 162,552 176,502

MP Drywall Limited (Registered number: 04592454)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,839,798 1,928,749
Other debtors 428,956 366,135
2,268,754 2,294,884

Amounts falling due after more than one year:
Other debtors 1,500 1,500

Aggregate amounts 2,270,254 2,296,384

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 70,000 70,000
Hire purchase contracts (see note 9) 61,534 71,813
Trade creditors 755,572 1,124,743
Taxation and social security 314,420 65,146
Other creditors 787,856 765,708
1,989,382 2,097,410

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 151,667 221,667
Hire purchase contracts (see note 9) 59,335 120,869
211,002 342,536

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 61,534 71,813
Between one and five years 59,335 120,869
120,869 192,682

MP Drywall Limited (Registered number: 04592454)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 21,536 31,094
Between one and five years - 3,186
21,536 34,280

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 221,667 291,667
Hire purchase contracts 120,869 192,682
Other creditors 612,053 647,156
954,589 1,131,505

The hire purchase contracts are secured by the assets they relate to. The other creditors are secured by certain trade debtors.

The bank loan is secured by a debenture containing fixed charges, floating charges and negative pledges in favour of Lloyds Bank plc.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 24,028 45,325

Deferred
tax
£   
Balance at 1 December 2022 45,325
Credit to Statement of Income and Retained Earnings during year (21,297 )
Balance at 30 November 2023 24,028

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary £1 10 10

13. RELATED PARTY DISCLOSURES

All related party transactions are undertaken at arm's length on normal commercial terms.