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Registration number: 12074607

MPowder Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

MPowder Ltd
(Registration number: 12074607)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

MPowder Ltd
(Registration number: 12074607)

Company Information

Director

Mrs R Brown

Registered office

Unit 2 Fordham House
Fordham
Ely
Cambridgeshire
CB7 5LL

Registered number

12074607

 

MPowder Ltd
(Registration number: 12074607)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

7,977

6,483

Tangible Assets

5

4,338

1,822

 

12,315

8,305

Current assets

 

Stocks

86,985

48,281

Debtors

6

146,658

45,098

Cash at bank and in hand

 

177,057

695,508

 

410,700

788,887

Creditors: Amounts falling due within one year

7

(87,032)

(78,098)

Net current assets

 

323,668

710,789

Total assets less current liabilities

 

335,983

719,094

Creditors: Amounts falling due after more than one year

7

(116,022)

(90,684)

Net assets

 

219,961

628,410

Capital and Reserves

 

Called up share capital

161

161

Share premium reserve

1,507,281

1,507,281

Retained Earnings

(1,287,481)

(879,032)

Shareholders' funds

 

219,961

628,410

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

MPowder Ltd
(Registration number: 12074607)

Balance Sheet as at 31 December 2023

Approved and authorised by the director on 6 August 2024
 

.........................................
Mrs R Brown
Director

 

MPowder Ltd
(Registration number: 12074607)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Fordham House
Fordham
Ely
Cambridgeshire
CB7 5LL
United Kingdom

These financial statements were authorised for issue by the director on 6 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

MPowder Ltd
(Registration number: 12074607)

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Straight Line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software and online shop) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets - trademark

Not amortised

Intangible assets - online shop

2 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

MPowder Ltd
(Registration number: 12074607)

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

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

MPowder Ltd
(Registration number: 12074607)

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 4).

4

Intangible assets

Trademarks, patents and licenses
 £

Website development
£

Total
£

Cost or valuation

At 1 January 2023

6,347

14,280

20,627

Additions acquired separately

1,630

-

1,630

At 31 December 2023

7,977

14,280

22,257

Amortisation

At 1 January 2023

-

14,144

14,144

Amortisation charge

-

136

136

At 31 December 2023

-

14,280

14,280

Carrying amount

At 31 December 2023

7,977

-

7,977

At 31 December 2022

6,347

136

6,483


 


 

 

MPowder Ltd
(Registration number: 12074607)

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

5

Tangible Assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,982

1,982

Additions

3,488

3,488

At 31 December 2023

5,470

5,470

Depreciation

At 1 January 2023

159

159

Charge for the year

973

973

At 31 December 2023

1,132

1,132

Carrying amount

At 31 December 2023

4,338

4,338

At 31 December 2022

1,822

1,822

6

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2022 - £Nil)

All amounts are due within one year.

Current

2023
£

2022
£

Trade Debtors

18,213

1,856

Prepayments

2,007

5,170

Other debtors

126,438

38,072

 

146,658

45,098

 

MPowder Ltd
(Registration number: 12074607)

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade Creditors

66,444

54,447

Taxation and social security

3,779

7,748

Accruals and deferred income

16,809

9,457

Other creditors

-

6,446

87,032

78,098

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

116,022

90,684

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

116,022

90,684

Other borrowings includes a balance of £116,022 (2021 - £90,684) due to the Director of the company in respect of their Directors loan to the company. This is an interest free loan which has no fixed date for repayment. They have taken the choice afforded by FRED 67 to record the balance on their directors' loan account at transaction value.