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COMPANY REGISTRATION NUMBER: 7991095
MHWP Limited
Filleted Unaudited Financial Statements
31 March 2024
MHWP Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
MHWP Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
11,071
11,777
Current assets
Stocks
20,122
20,122
Debtors
6
7,403
7,256
Cash at bank and in hand
5,690
6,573
--------
--------
33,215
33,951
Creditors: amounts falling due within one year
7
( 4,341)
( 4,254)
--------
--------
Net current assets
28,874
29,697
--------
--------
Total assets less current liabilities
39,945
41,474
--------
--------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
39,944
41,473
--------
--------
Shareholders funds
39,945
41,474
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr C G MacDougall
Director
Company registration number: 7991095
MHWP Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Animal Enclosures
-
2% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on (loss)/profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,664
----
-------
Tax on (loss)/profit
1,664
----
-------
5. Tangible assets
Animal Enclosures
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023 and 31 Mar 2024
12,500
11,948
7,287
7,000
1,250
39,985
--------
--------
-------
-------
-------
--------
Depreciation
At 1 Apr 2023
2,550
11,080
6,750
6,642
1,186
28,208
Charge for the year
250
217
134
89
16
706
--------
--------
-------
-------
-------
--------
At 31 Mar 2024
2,800
11,297
6,884
6,731
1,202
28,914
--------
--------
-------
-------
-------
--------
Carrying amount
At 31 Mar 2024
9,700
651
403
269
48
11,071
--------
--------
-------
-------
-------
--------
At 31 Mar 2023
9,950
868
537
358
64
11,777
--------
--------
-------
-------
-------
--------
6. Debtors
2024
2023
£
£
Other debtors
7,403
7,256
-------
-------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,723
1,664
Other creditors
2,618
2,590
-------
-------
4,341
4,254
-------
-------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Related party transactions
The company was under the control of Mr C G MacDougall throughout the current and previous year by virtue of his 100% interest in the company's issued ordinary share capital. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.