Company registration number 05333416 (England and Wales)
M P ELECTRONIC FIRE & SECURITY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
M P ELECTRONIC FIRE & SECURITY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
M P ELECTRONIC FIRE & SECURITY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,969
34,355
Current assets
Stocks
4
206,000
220,319
Debtors
5
330,347
487,697
Cash at bank and in hand
45,653
70,439
582,000
778,455
Creditors: amounts falling due within one year
6
(471,114)
(603,075)
Net current assets
110,886
175,380
Total assets less current liabilities
145,855
209,735
Creditors: amounts falling due after more than one year
7
(144,302)
(199,139)
Net assets
1,553
10,596
Capital and reserves
Called up share capital
50
50
Profit and loss reserves
1,503
10,546
Total equity
1,553
10,596
The notes on pages 3 to 6 form part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
M P ELECTRONIC FIRE & SECURITY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Mr MA Ainscough
Director
Company registration number 05333416 (England and Wales)
M P ELECTRONIC FIRE & SECURITY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
M P Electronic Fire & Security Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Walker House, Exchange Flags, Liverpool, Merseyside, United Kingdom, L2 3YL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
We are closely monitoring the situation with regards to COVID-19, which has become a global pandemic. Recent analysis shows that the virus in the UK may have peaked and the impacts of COVID-19 should begin to lessen. Impact on the business since the financial period ended has so far been managed accordingly and does not require any adjustment in the accounts. However, the situation is very fluid and, if the pandemic should spike again, then there could be a potential impact on the business.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all direct costs including purchase costs, labour and overheads that have been incurred in bringing stocks and work in progress to their present location and condition.
M P ELECTRONIC FIRE & SECURITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
M P ELECTRONIC FIRE & SECURITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
22
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
47,888
36,873
11,493
96,254
Additions
2,734
3,591
6,325
At 31 December 2023
50,622
36,873
15,084
102,579
Depreciation and impairment
At 1 January 2023
36,712
20,170
5,017
61,899
Depreciation charged in the year
2,140
2,291
1,280
5,711
At 31 December 2023
38,852
22,461
6,297
67,610
Carrying amount
At 31 December 2023
11,770
14,412
8,787
34,969
At 31 December 2022
11,176
16,703
6,476
34,355
4
Stocks
2023
2022
£
£
Stocks
206,000
220,319
M P ELECTRONIC FIRE & SECURITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
256,595
323,016
Corporation tax recoverable
41,946
116,164
Other debtors
18,609
9,445
Prepayments and accrued income
13,197
39,072
330,347
487,697
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
90,093
90,093
Trade creditors
119,627
286,843
Taxation and social security
236,079
204,423
Other creditors
20,415
16,816
Accruals and deferred income
4,900
4,900
471,114
603,075
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
144,302
199,139
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
8,125
26,081