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MPY ARTS LTD

Registered Number
SC771182
(Scotland)

Unaudited Financial Statements for the Period ended
31 May 2024

MPY ARTS LTD
Company Information
for the period from 31 May 2023 to 31 May 2024

Directors

YOUNG, Jordan Neil
YOUNG, Karen

Registered Address

4d Auchingramont Road
Hamilton
ML3 6JT

Place of Business

10 Mill Lade Drive

Kirkintilloch

G66 3TN


Registered Number

SC771182 (Scotland)
MPY ARTS LTD
Balance Sheet as at
31 May 2024

Notes

2024

£

£

Fixed assets
Intangible assets322,500
22,500
Current assets
Debtors4287
Cash at bank and on hand91,216
91,503
Creditors amounts falling due within one year5(71,491)
Net current assets (liabilities)20,012
Total assets less current liabilities42,512
Net assets42,512
Capital and reserves
Called up share capital2
Profit and loss account42,510
Shareholders' funds42,512
The financial statements were approved and authorised for issue by the Board of Directors on 23 August 2024, and are signed on its behalf by:
YOUNG, Jordan Neil
Director
YOUNG, Karen
Director

Registered Company No. SC771182
MPY ARTS LTD
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. 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 accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
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.
Revenue from rendering of services
Revenue from the rendering of services is recognised at the stage of completion of the service at the balance sheet date.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Trade and other debtors
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2024
Average number of employees during the year1
3.Intangible assets

Other

Total

££
Cost or valuation
Additions25,00025,000
At 31 May 2425,00025,000
Amortisation and impairment
Charge for year2,5002,500
At 31 May 242,5002,500
Net book value
At 31 May 2422,50022,500
At 30 May 23--
4.Debtors: amounts due within one year

2024

£
Other debtors287
Total287
5.Creditors: amounts due within one year

2024

£
Amounts owed to related parties41,008
Taxation and social security29,483
Accrued liabilities and deferred income1,000
Total71,491
6.Related party transactions
During the period, the company received an interest free loan from the director amounting to £41,008.