2022-06-012023-05-312023-05-31false12007277MYK RETAIL 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MYK RETAIL LIMITED

Registered Number
12007277
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

MYK RETAIL LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

YAQUB, Omar Khokhar

Registered Address

Community House
Badger Street
Bury
BL9 6AD

Registered Number

12007277 (England and Wales)
MYK RETAIL LIMITED
Statement of Financial Position
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets315,28018,002
15,28018,002
Current assets
Debtors4,5159,217165,707
Cash at bank and on hand2,1241,428
161,341167,135
Creditors amounts falling due within one year6(51,580)(26,379)
Net current assets (liabilities)109,761140,756
Total assets less current liabilities125,041158,758
Creditors amounts falling due after one year7(187,299)(184,832)
Net assets(62,258)(26,074)
Capital and reserves
Called up share capital11
Profit and loss account(62,259)(26,075)
Shareholders' funds(62,258)(26,074)
The financial statements were approved and authorised for issue by the Director on 16 August 2024, and are signed on its behalf by:
YAQUB, Omar Khokhar
Director
Registered Company No. 12007277
MYK RETAIL LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings20
Plant and machinery15
Fixtures and fittings20
Vehicles15
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20232022
Average number of employees during the year44
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 2219,814
At 31 May 2319,814
Depreciation and impairment
At 01 June 221,812
Charge for year2,722
At 31 May 234,534
Net book value
At 31 May 2315,280
At 31 May 2218,002
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables57,98340,000
Other debtors23,50827,835
Total81,49167,835
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.
5.Debtors: amounts due after one year

2023

2022

££
Amounts owed by associates and joint ventures / participating interests 77,72797,872
Total77,72797,872
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables39,60010,860
Bank borrowings and overdrafts34-
Other creditors11,94615,519
Total51,58026,379
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.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts68,03556,997
Amounts owed to related parties21,531-
Other creditors97,733127,835
Total187,299184,832