Registered number
03848322
M.K.T. Computer Brokers Limited
Filleted Accounts
30 September 2023
M.K.T. Computer Brokers Limited
Registered number: 03848322
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,381,897 888,581
Current assets
Stocks 117,858 50,877
Debtors 5 281,240 276,782
Investments held as current assets 6 68,280 62,266
Cash at bank and in hand 118,089 245,948
585,467 635,873
Creditors: amounts falling due within one year 7 (464,716) (271,970)
Net current assets 120,751 363,903
Total assets less current liabilities 1,502,648 1,252,484
Creditors: amounts falling due after more than one year 8 (571,439) (366,518)
Provisions for liabilities (16,942) (10,502)
Net assets 914,267 875,464
Capital and reserves
Called up share capital 100 100
Revaluation reserve 10 31,718 31,718
Profit and loss account 882,449 843,646
Shareholders' funds 914,267 875,464
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kim Walsh
Director
Approved by the board on 24 September 2024
M.K.T. Computer Brokers Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
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).
Turnover
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. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% on reducing balance
Fixtures, fittings, tools and equipment 15% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 8
3 Intangible fixed assets £
Website development:
Cost
At 1 October 2022 6,000
At 30 September 2023 6,000
Amortisation
At 1 October 2022 6,000
At 30 September 2023 6,000
Net book value
At 30 September 2023 -
Website development is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 867,292 122,141 989,433
Additions 465,436 33,017 498,453
At 30 September 2023 1,332,728 155,158 1,487,886
Depreciation
At 1 October 2022 - 100,852 100,852
Charge for the year - 5,137 5,137
At 30 September 2023 - 105,989 105,989
Net book value
At 30 September 2023 1,332,728 49,169 1,381,897
At 30 September 2022 867,292 21,289 888,581
5 Debtors 2023 2022
£ £
Trade debtors 207,838 257,267
Other debtors 73,402 19,515
281,240 276,782
Amounts due after more than one year included above 1,289 3,169
6 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 68,280 62,266
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 4,337 (5,965)
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 80,581 52,776
Obligations under finance lease and hire purchase contracts 7,695 -
Trade creditors 306,343 153,533
Taxation and social security costs 23,766 39,258
Other creditors 46,331 26,403
464,716 271,970
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 557,331 366,518
Obligations under finance lease and hire purchase contracts 14,108 -
571,439 366,518
9 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 235,006 155,415
Secured bank loans 637,912 419,294
The bank loans are secured on the freehold investment properties.
10 Revaluation reserve 2023 2022
£ £
At 1 October 2022 31,718 31,718
At 30 September 2023 31,718 31,718
11 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 93,412 141,912
12 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M Walsh
Interest free and repayable on demand - 51,000 (4,050) 46,950
- 51,000 (4,050) 46,950
13 Controlling party
The company is controlled by M & K Walsh by virtue of their joint 100% interest in the issued share capital of the company.
14 Other information
M.K.T. Computer Brokers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit C Shires Road
Buckingham Road Industrial Estate
Brackley
Northants
NN13 7EZ
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