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COMPANY REGISTRATION NUMBER: 11073266
MNP Complete Care Limited
Filleted Unaudited Financial Statements
31 October 2023
MNP Complete Care Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MNP Complete Care Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
400,000
500,000
Tangible assets
6
110,819
114,003
---------
---------
510,819
614,003
Current assets
Debtors
7
1,993,139
1,920,573
Cash at bank and in hand
156,112
230,985
------------
------------
2,149,251
2,151,558
Creditors: amounts falling due within one year
8
1,169,484
1,898,355
------------
------------
Net current assets
979,767
253,203
------------
---------
Total assets less current liabilities
1,490,586
867,206
Creditors: amounts falling due after more than one year
9
1,251,922
1,376,745
------------
------------
Net assets/(liabilities)
238,664
( 509,539)
------------
------------
Capital and reserves
Called up share capital
118
118
Profit and loss account
238,546
( 509,657)
---------
---------
Shareholders funds/(deficit)
238,664
( 509,539)
---------
---------
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 October 2023 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 .
MNP Complete Care Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr S J C Hill
Director
Company registration number: 11073266
MNP Complete Care Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bedford House Fulham Green, 69-79 Fulham High Street, London, SW6 3JW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 directors will continue to support the company and believe that the company will generate a profit in future periods therefore the accounts have been prepared on a going concern basis.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property is held at cost and no depreciation is charged. As the directors believe that the freehold property will appreciate in value, and therefore to charge depreciation would not be appropriate.
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:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 136 (2022: 95 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
1,000,000
------------
Amortisation
At 1 November 2022
500,000
Charge for the year
100,000
------------
At 31 October 2023
600,000
------------
Carrying amount
At 31 October 2023
400,000
------------
At 31 October 2022
500,000
------------
6. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
87,184
1,593
21,139
26,983
136,899
Additions
165
4,279
4,444
--------
-------
--------
--------
---------
At 31 October 2023
87,184
1,758
21,139
31,262
141,343
--------
-------
--------
--------
---------
Depreciation
At 1 November 2022
770
8,556
13,570
22,896
Charge for the year
184
4,228
3,216
7,628
--------
-------
--------
--------
---------
At 31 October 2023
954
12,784
16,786
30,524
--------
-------
--------
--------
---------
Carrying amount
At 31 October 2023
87,184
804
8,355
14,476
110,819
--------
-------
--------
--------
---------
At 31 October 2022
87,184
823
12,583
13,413
114,003
--------
-------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
91,316
182,890
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,518,516
1,351,516
Other debtors
383,307
386,167
------------
------------
1,993,139
1,920,573
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
363,781
341,606
Amounts owed to group undertakings and undertakings in which the company has a participating interest
587,966
1,180,821
Corporation tax
256
3,273
Other creditors
217,481
372,655
------------
------------
1,169,484
1,898,355
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
98,958
161,458
Other creditors
1,152,964
1,215,287
------------
------------
1,251,922
1,376,745
------------
------------
10. Related party transactions
At the year end the company was owed £8,353 (2022: £8,353) by a company associated by common control.
11. Controlling party
The company's ultimate parent company is WG Management Limited . The registered address of the ultimate parent company is Bedford House Fulham Green, 69-79 Fulham High Street, London, United Kingdom, SW6 3JW .