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Registration number: 07245026

MDP RETAIL (NUNEATON) LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

MDP RETAIL (NUNEATON) LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

MDP RETAIL (NUNEATON) LTD

Company Information

Directors

Mr Malcolm Elwood

Miss Sarah Louise Dalley

Registered office

5 High Street
Pontypridd
Mid Glamorgan
CF37 1QJ

Accountants

Smart Accountants (Small Business Centre) Limited
113-115 Belvoir Road
Coalville
Leicestershire
LE67 3PH

 

MDP RETAIL (NUNEATON) LTD

(Registration number: 07245026)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

6

1,200

1,200

Current assets

 

Debtors

7

28,080

37,937

Cash at bank and in hand

 

9,664

11,314

 

37,744

49,251

Creditors: Amounts falling due within one year

8

(66,555)

(71,236)

Net current liabilities

 

(28,811)

(21,985)

Total assets less current liabilities

 

(27,611)

(20,785)

Creditors: Amounts falling due after more than one year

8

(32,408)

(37,963)

Net liabilities

 

(60,019)

(58,748)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(60,119)

(58,848)

Shareholders' deficit

 

(60,019)

(58,748)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

 

MDP RETAIL (NUNEATON) LTD

(Registration number: 07245026)
Balance Sheet as at 31 January 2024

.........................................
Mr Malcolm Elwood
Director

 

MDP RETAIL (NUNEATON) LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
5 High Street
Pontypridd
Mid Glamorgan
CF37 1QJ

These financial statements were authorised for issue by the Board on 3 October 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).

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.

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.

 

MDP RETAIL (NUNEATON) LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Fixtures and fittings

15% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

MDP RETAIL (NUNEATON) LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

MDP RETAIL (NUNEATON) LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Cost or valuation

Amortisation

Carrying amount

At 31 January 2024

5

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 January 2024

6

Fixed Asset Investments

2024
£

2023
£

Other Investments

1,200

1,200

£

Cost

At 1 February 2023

1,200

Net Book Value

At 31 January 2024

1,200

At 31 January 2023

1,200

7

Debtors

Current

2024
£

2023
£

Trade debtors

28,080

28,080

Other debtors

-

9,857

 

28,080

37,937

 

MDP RETAIL (NUNEATON) LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,556

5,556

Taxation and social security

 

-

4,680

Other creditors

 

60,999

61,000

 

66,555

71,236

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

32,408

37,963

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,408

37,963

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,556

5,556