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Registered Number: 08283526
England and Wales

 

 

 

MKI STORE LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Accountants report
You consider that the company is exempt from an audit for the year ended 30 November 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



....................................................
TRUETAX LTD
467 GREAT HORTON ROAD
BRADFORD
BD7 3DL
18 October 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 159,708    183,720 
159,708    183,720 
Current assets      
Stocks 1,087,500    511,570 
Debtors 1,136,317    494,648 
Cash at bank and in hand 303,334    1,133,596 
2,527,151    2,139,814 
Creditors: amount falling due within one year (770,708)   (521,766)
Net current assets 1,756,443    1,618,048 
 
Total assets less current liabilities 1,916,151    1,801,768 
Creditors: amount falling due after more than one year (30,250)   (65,676)
Net assets 1,885,901    1,736,092 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 1,885,899    1,736,090 
Shareholders' funds 1,885,901    1,736,092 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 18 October 2024 and were signed by:


-------------------------------
MR VIKESH JAGDISH TAILOR
Director
2
General Information
MKI STORE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08283526, registration address UNIT C4 CORN EXCHANGE, CALL LANE , LEEDS, WEST YORKSHIRE, LS1 7BR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 18 (2022 : 12).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Improvements to property   Total
  £   £   £   £
At 01 December 2022 130,434    158,756    63,659    352,849 
Additions      
Disposals      
At 30 November 2023 130,434    158,756    63,659    352,849 
Depreciation
At 01 December 2022 71,475    97,654      169,129 
Charge for year 11,792    12,220      24,012 
On disposals      
At 30 November 2023 83,267    109,874      193,141 
Net book values
Closing balance as at 30 November 2023 47,167    48,882    63,659    159,708 
Opening balance as at 01 December 2022 58,959    61,102    63,659    183,720 


4.

Share Capital

Authorised
1,000 Ordinary shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
2 Ordinary shares of £1.00 each  
 

3