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Company No: 13208414 (England and Wales)

MEDITERRANEAN PLANTS LONDON LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

MEDITERRANEAN PLANTS LONDON LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

MEDITERRANEAN PLANTS LONDON LIMITED

BALANCE SHEET

As at 31 May 2024
MEDITERRANEAN PLANTS LONDON LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,359 17,812
13,359 17,812
Current assets
Stocks 15,000 15,000
Debtors 4 1,594 695
Cash at bank and in hand 9,226 19,828
25,820 35,523
Creditors: amounts falling due within one year 5 ( 85,990) ( 64,284)
Net current liabilities (60,170) (28,761)
Total assets less current liabilities (46,811) (10,949)
Net liabilities ( 46,811) ( 10,949)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 46,813 ) ( 10,951 )
Total shareholder's deficit ( 46,811) ( 10,949)

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

Directors' responsibilities:

The financial statements of Mediterranean Plants London Limited (registered number: 13208414) were approved and authorised for issue by the Board of Directors on 02 October 2024. They were signed on its behalf by:

Mr Mark Halcro
Director
MEDITERRANEAN PLANTS LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
MEDITERRANEAN PLANTS LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mediterranean Plants London Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, Essex, , United Kingdom, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 25,000 25,000
At 31 May 2024 25,000 25,000
Accumulated depreciation
At 01 June 2023 7,188 7,188
Charge for the financial year 4,453 4,453
At 31 May 2024 11,641 11,641
Net book value
At 31 May 2024 13,359 13,359
At 31 May 2023 17,812 17,812

4. Debtors

2024 2023
£ £
Corporation tax 695 695
Other debtors 899 0
1,594 695

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 23,224 0
Other taxation and social security 10,241 18,083
Other creditors 52,525 46,201
85,990 64,284