Company registration number 07080089 (England and Wales)
MPH Maintenance Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 28 November 2023
PAGES FOR FILING WITH REGISTRAR
MPH Maintenance Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
MPH Maintenance Limited
Statement Of Financial Position
as at 28 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
111,298
139,270
Current assets
Stocks
7,286
5,500
Debtors
5
318,919
190,527
Cash at bank and in hand
91,237
125,996
417,442
322,023
Creditors: amounts falling due within one year
6
(312,387)
(267,273)
Net current assets
105,055
54,750
Total assets less current liabilities
216,353
194,020
Creditors: amounts falling due after more than one year
7
(82,047)
(163,328)
Provisions for liabilities
(27,825)
(26,461)
Net assets
106,481
4,231
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
106,381
4,131
Total equity
106,481
4,231
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 28 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.
MPH Maintenance Limited
Statement Of Financial Position (continued)
as at 28 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
C J L Clark
Director
Company registration number 07080089 (England and Wales)
MPH Maintenance Limited
Notes to the financial statements
for the year ended 28 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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
MPH Maintenance Limited
Notes to the financial statements (continued)
for the year ended 28 November 2023
1
Accounting policies
(continued)
- 4 -
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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
20
18
MPH Maintenance Limited
Notes to the financial statements (continued)
for the year ended 28 November 2023
- 5 -
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
64,225
15,856
Deferred tax
Origination and reversal of timing differences
1,364
26,461
Total tax charge
65,589
42,317
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 29 November 2022
111,813
3,180
173,746
288,739
Additions
3,055
1,840
4,895
At 28 November 2023
114,868
5,020
173,746
293,634
Depreciation and impairment
At 29 November 2022
69,152
1,877
78,440
149,469
Depreciation charged in the year
8,583
456
23,828
32,867
At 28 November 2023
77,735
2,333
102,268
182,336
Carrying amount
At 28 November 2023
37,133
2,687
71,478
111,298
At 28 November 2022
42,661
1,303
95,306
139,270
Included within the net book value of £111,299 is £50,651 (2022 - £67,537) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £16,886 (2022 - £22,5138).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
236,560
104,204
Tax recoverable
20,059
20,059
Directors loan account
59,570
62,650
Prepayments and accrued income
2,730
3,614
318,919
190,527
MPH Maintenance Limited
Notes to the financial statements (continued)
for the year ended 28 November 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
62,537
62,538
Obligations under finance leases
18,742
18,742
Trade creditors
59,991
55,602
Corporation tax
91,513
52,498
Other taxation and social security
75,587
71,508
Accruals and deferred income
4,017
6,385
312,387
267,273
Net obligations held under hire purchase contracts are secured against the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
61,281
123,820
Obligations under finance leases
20,766
39,508
82,047
163,328
Net obligations held under hire purchase contracts are secured against the assets to which they relate.
8
Company information
MPH Maintenance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Sterling Industrial Park, Carr Wood Road, Castleford, West Yorkshire, United Kingdom, WF10 4PS.