Registered number
11767392
MK COSMETIX LTD
Filleted Accounts
31 January 2024
MK COSMETIX LTD
Registered number: 11767392
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2 7,776 9,719
Current assets
Stocks 60,000 809,000
Debtors 4 - 8,816
Cash at bank and in hand 1,388 3,000
61,388 820,816
Creditors: amounts falling due within one year 5 (5,424) (377,448)
Net current assets 55,964 443,368
Total assets less current liabilities 63,740 453,087
Creditors: amounts falling due after more than one year 6 (69,289) (457,593)
Net liabilities (5,549) (4,506)
Capital and reserves
Called up share capital 100 100
Profit and loss account (5,649) (4,606)
Shareholder's funds (5,549) (4,506)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mehmet Keles
Director
Approved by the board on 9 October 2024
MK COSMETIX LTD
Notes to the Accounts
for the year ended 31 January 2024
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 20% Reducing balance method
Motor vehicles 20% Reducing balance method
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 10,183 7,995 18,178
At 31 January 2024 10,183 7,995 18,178
Depreciation
At 1 February 2023 3,739 4,720 8,459
Charge for the year 1,288 655 1,943
At 31 January 2024 5,027 5,375 10,402
Net book value
At 31 January 2024 5,156 2,620 7,776
At 31 January 2023 6,444 3,275 9,719
4 Debtors 2024 2023
£ £
Trade debtors - 8,816
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,685 13,814
Trade creditors 876 320,466
Taxation and social security costs - 4,516
Other creditors (7,137) 38,652
5,424 377,448
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,737 40,145
Obligations under finance lease and hire purchase contracts - (3,961)
Other creditors 35,552 421,409
69,289 457,593
7 Related party transactions
The company is under the control of its own director.
8 Controlling party
As at balance sheet date, the company owed its director £35,552 which has been included under other creditors due within one year.
9 Other information
MK COSMETIX LTD is a private company limited by shares and incorporated in England. Its registered office is:
19 South Eastern Avenue
London
N9 9NR
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