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REGISTERED NUMBER: 13854003 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Mk14 Components Ltd

Mk14 Components Ltd (Registered number: 13854003)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mk14 Components Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTOR: A Moran





REGISTERED OFFICE: M.01 Tomorrow
Blue
Mediacityuk
M50 2AB





REGISTERED NUMBER: 13854003 (England and Wales)





ACCOUNTANTS: Summit Accountants Limited
M.01 Tomorrow
MediaCityUK
Salford
Greater Manchester
M50 2AB

Mk14 Components Ltd (Registered number: 13854003)

Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,200 14,850
Tangible assets 5 3,400 4,430
16,600 19,280

CURRENT ASSETS
Stocks 132,062 146,501
Debtors 6 28,216 20,565
Prepayments and accrued income 425 435
Cash at bank 40,402 28,980
201,105 196,481
CREDITORS
Amounts falling due within one year 7 211,134 216,611
NET CURRENT LIABILITIES (10,029 ) (20,130 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,571

(850

)

PROVISIONS FOR LIABILITIES 850 842
NET ASSETS/(LIABILITIES) 5,721 (1,692 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,621 (1,792 )
5,721 (1,692 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mk14 Components Ltd (Registered number: 13854003)

Statement of Financial Position - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2024 and were signed by:





A Moran - Director


Mk14 Components Ltd (Registered number: 13854003)

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

1. STATUTORY INFORMATION

Mk14 Components Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 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 £.

Turnover
Turnover is recognised when, and to the extent that, the company obtains the right to consideration. The point of recognition is after the service has been performed, when the risk and rewards associated with the goods/services have been transferred or in accordance with contractual terms. Turnover excludes value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Mk14 Components Ltd (Registered number: 13854003)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 10,000 6,500 16,500
AMORTISATION
At 1 February 2023 1,000 650 1,650
Charge for year 1,000 650 1,650
At 31 January 2024 2,000 1,300 3,300
NET BOOK VALUE
At 31 January 2024 8,000 5,200 13,200
At 31 January 2023 9,000 5,850 14,850

Mk14 Components Ltd (Registered number: 13854003)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 5,788
Additions 96
At 31 January 2024 5,884
DEPRECIATION
At 1 February 2023 1,358
Charge for year 1,126
At 31 January 2024 2,484
NET BOOK VALUE
At 31 January 2024 3,400
At 31 January 2023 4,430

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 18,146 14,749
Other debtors 10,070 5,816
28,216 20,565

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 5,264 -
Trade creditors 23,831 26,301
Taxation and social security 1,002 -
Other creditors 181,037 190,310
211,134 216,611

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As of 31 January 2024, the following balances were owed by the company to the directors.
- Director 1 = £181,036
No formal repayment terms have been agreed.