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Registered number: 14097528
MWC Mechanical Services Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
A&H Accountancy Services Limited
3 Daffodil Close
Wymondham
Norfolk
NR18 0FE
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 14097528
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,380 9,840
Tangible Assets 5 3,622 3,998
11,002 13,838
CURRENT ASSETS
Stocks 6 2,000 3,000
Debtors 7 3,476 4,781
Cash at bank and in hand 18,181 19,347
23,657 27,128
Creditors: Amounts Falling Due Within One Year 8 (30,051 ) (37,488 )
NET CURRENT ASSETS (LIABILITIES) (6,394 ) (10,360 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,608 3,478
PROVISIONS FOR LIABILITIES
Deferred Taxation (356 ) (342 )
NET ASSETS 4,252 3,136
CAPITAL AND RESERVES
Called up share capital 9 1 1
Income Statement 4,251 3,135
SHAREHOLDERS' FUNDS 4,252 3,136
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Malcolm Cameron
Director
28/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
MWC Mechanical Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14097528 . The registered office is 9 Gorse Avenue, Chatham, Kent, ME5 0UG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Computer Equipment 33% straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Provision is made, under the liability method, to take into account timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes, Tax deferred or accelerated is accounted for in respect of all material timing differences.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 12,300
As at 31 May 2024 12,300
Amortisation
As at 1 June 2023 2,460
Provided during the period 2,460
As at 31 May 2024 4,920
Net Book Value
As at 31 May 2024 7,380
As at 1 June 2023 9,840
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 2,650 1,983 4,633
Additions - 666 666
As at 31 May 2024 2,650 2,649 5,299
Depreciation
As at 1 June 2023 450 185 635
Provided during the period 450 592 1,042
As at 31 May 2024 900 777 1,677
Net Book Value
As at 31 May 2024 1,750 1,872 3,622
As at 1 June 2023 2,200 1,798 3,998
6. Stocks
31 May 2024 31 May 2023
£ £
Stock 2,000 3,000
7. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Trade debtors 543 -
Other debtors 2,933 2,279
VAT - 2,502
3,476 4,781
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8. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Trade creditors 4,082 -
Corporation tax 6,326 6,933
VAT 90 -
Accruals and deferred income 6,815 9,816
Director's loan account 12,738 20,739
30,051 37,488
9. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 1 1
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