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COMPANY REGISTRATION NUMBER: 13734242
MP Labels Ltd
Filleted Unaudited Financial Statements
31 March 2024
MP Labels Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
3,058
3,270
Current assets
Stocks
28,254
20,389
Debtors
5
3,323
410
Cash at bank and in hand
3,310
6,066
--------
--------
34,887
26,865
Creditors: amounts falling due within one year
6
138,058
127,248
---------
---------
Net current liabilities
103,171
100,383
---------
---------
Total assets less current liabilities
( 100,113)
( 97,113)
---------
--------
Net liabilities
( 100,113)
( 97,113)
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 100,213)
( 97,213)
---------
--------
Shareholders deficit
( 100,113)
( 97,113)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MP Labels Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
Mr G Arnold
Director
Company registration number: 13734242
MP Labels Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 St Martins Way, Bedford, Bedfordshire, MK42 0LF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis. The shareholders continue to support the operational requirements of the company and ensure it is able to meet its liabilities as they fall due.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
2,530
217
1,037
3,784
Additions
926
926
-------
----
-------
-------
At 31 March 2024
2,530
217
1,963
4,710
-------
----
-------
-------
Depreciation
At 1 April 2023
311
23
180
514
Charge for the year
632
54
452
1,138
-------
----
-------
-------
At 31 March 2024
943
77
632
1,652
-------
----
-------
-------
Carrying amount
At 31 March 2024
1,587
140
1,331
3,058
-------
----
-------
-------
At 31 March 2023
2,219
194
857
3,270
-------
----
-------
-------
5. Debtors
2024
2023
£
£
Trade debtors
3,103
Other debtors
220
410
-------
----
3,323
410
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,529
41,411
Social security and other taxes
690
648
Other creditors
77,839
85,189
---------
---------
138,058
127,248
---------
---------
7. Directors' advances, credits and guarantees
The directors received advances during the year totalling £220. The balance outstanding at the year end was £220. The loans are interest free and unsecured. They will be repaid within 9 months of the year end.