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Registered Number: 08915418
England and Wales

 

 

 

M N SOLUTIONS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 1    1 
Tangible fixed assets 4 19,906    14,502 
19,907    14,503 
Current assets      
Stocks 5 142,385    138,260 
Debtors 6 122,868    74,817 
Cash at bank and in hand 239    31,091 
265,492    244,168 
Creditors: amount falling due within one year 7 (213,226)   (209,770)
Net current assets 52,266    34,398 
 
Total assets less current liabilities 72,173    48,901 
Creditors: amount falling due after more than one year 8 (56,176)   (48,150)
Provisions for liabilities 9 (4,977)  
Net assets 11,020    751 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 10,920    651 
Shareholders' funds 11,020    751 
 


For the year ended 31 March 2024 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 financial statements were approved by the director on 25 October 2024 and were signed by:


-------------------------------
Mr Scott Lovell
Director
1
General Information
M N Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 08915418, registration address Unit 8 Station Yard Ind Estate, Oxford Road, Adderbury, Banbury, Oxon, OX17 3HJ.

1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
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 5 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:
Plant and Machinery 15% Straight Line
Fixtures and Fittings 25% Straight Line
Computer Equipment 15% Reducing Balance
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.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 3).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 10,084    10,084 
Additions  
Disposals  
At 31 March 2024 10,084    10,084 
Amortisation
At 01 April 2023 10,083    10,083 
Charge for year  
On disposals  
At 31 March 2024 10,083    10,083 
Net book values
At 31 March 2024 1    1 
At 31 March 2023 1    1 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2023 5,211    15,620    9,118    29,949 
Additions      
Disposals      
At 31 March 2024 5,211    15,620    9,118    29,949 
Depreciation
At 01 April 2023 1,914    5,490    2,639    10,043 
Charge for year      
On disposals      
At 31 March 2024 1,914    5,490    2,639    10,043 
Net book values
Closing balance as at 31 March 2024 3,297    10,130    6,479    19,906 
Opening balance as at 01 April 2023 3,179    6,952    4,371    14,502 


5.

Stocks

2024
£
  2023
£
Stocks 142,385    138,260 
142,385    138,260 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 93,622    48,722 
Other Debtors 36,919    26,095 
130,541    74,817 

6.

Debtors: amounts falling due after one year

2024
£
  2023
£
Trade Debtors (7,673)  
(7,673)  

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 67,667    130,203 
Bank Loans & Overdrafts 87,357    55,683 
Taxation and Social Security 50,901    20,958 
Other Creditors 7,301    2,926 
213,226    209,770 
Secured creditors
At the balance sheet date the total amount of secured creditors included within bank loans and overdrafts due within one year amounted to £29,672 (2023 - £12,658)

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 56,176    48,150 
56,176    48,150 
Secured creditors
At the balance sheet date the total amount of secured creditors included within bank loans and overdrafts due after one year amounted to £44,509 (2023 - £26,483).

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 4,977   
4,977   

10.

Director’s loan

Advances to directors

As at the balance sheet date the amount owed by the director to the company amounted to £30,638 (2023 - £17,722). The loan advance has been cleared after the balance sheet date.  Interest has been charged on amounts advanced.
2