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REGISTERED NUMBER: 06709931 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

M50 FLOORING LTD

M50 FLOORING LTD (Registered number: 06709931)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M50 FLOORING LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Brownell
C D Mannix





REGISTERED OFFICE: 61 Admiral Street
Liverpool
Merseyside
L8 8BN





REGISTERED NUMBER: 06709931 (England and Wales)





ACCOUNTANTS: Shahabuddin & Co Ltd
Chartered Accountants
Lombard Chambers
Ormond Street
Liverpool
Merseyside
L3 9NA

M50 FLOORING LTD (Registered number: 06709931)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,000 18,000
Property, plant and equipment 5 11,804 14,755
26,804 32,755

CURRENT ASSETS
Inventories 65,780 62,250
Debtors 6 190,521 109,430
Cash at bank and in hand 142,692 195,631
398,993 367,311
CREDITORS
Amounts falling due within one year 7 316,476 260,824
NET CURRENT ASSETS 82,517 106,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,321

139,242

CREDITORS
Amounts falling due after more than
one year

8

19,444

52,778
NET ASSETS 89,877 86,464

M50 FLOORING LTD (Registered number: 06709931)

Balance Sheet - continued
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 89,777 86,364
SHAREHOLDERS' FUNDS 89,877 86,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





C D Mannix - Director


M50 FLOORING LTD (Registered number: 06709931)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

M50 FLOORING LTD is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arising on the acquisition of the business is amortized over its useful economic life, which is estimated to be 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software has been fully amortised in the current year.

Tangible fixed assets
Depreciation is provided on tangible assets on the cost of the asset less estimated residual value over the expected useful life as follows :

Motor Car : 20 % p.a straight line.
Plant machinery & equipment : 20 % P.A straight line
Fixtures & fittings : 20% Straight line

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

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

M50 FLOORING LTD (Registered number: 06709931)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 60,000
AMORTISATION
At 1 January 2023 42,000
Charge for year 3,000
At 31 December 2023 45,000
NET BOOK VALUE
At 31 December 2023 15,000
At 31 December 2022 18,000

M50 FLOORING LTD (Registered number: 06709931)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 85,842
DEPRECIATION
At 1 January 2023 71,087
Charge for year 2,951
At 31 December 2023 74,038
NET BOOK VALUE
At 31 December 2023 11,804
At 31 December 2022 14,755

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31/12/23 31/12/22
£    £   
Other debtors 190,521 109,430

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31/12/23 31/12/22
£    £   
Trade creditors 11,617 2,936
Taxation and social security 26,185 16,302
Other creditors 278,674 241,586
316,476 260,824

M50 FLOORING LTD (Registered number: 06709931)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans 19,444 52,778

9. RESERVES
Retained
earnings
£   

At 1 January 2023 86,364
Profit for the year 83,413
Dividends (80,000 )
At 31 December 2023 89,777