M.P. Insulations Ltd. SC422832 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Installation Of Industrial Machinery An Digita Accounts Production Advanced 6.30.9574.0 true SC422832 2023-05-01 2024-04-30 SC422832 2024-04-30 SC422832 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-04-30 SC422832 core:CurrentFinancialInstruments 2024-04-30 SC422832 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 SC422832 core:Non-currentFinancialInstruments 2024-04-30 SC422832 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 SC422832 core:Goodwill 2024-04-30 SC422832 core:FurnitureFittingsToolsEquipment 2024-04-30 SC422832 core:MotorVehicles 2024-04-30 SC422832 bus:SmallEntities 2023-05-01 2024-04-30 SC422832 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC422832 bus:FullAccounts 2023-05-01 2024-04-30 SC422832 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC422832 bus:RegisteredOffice 2023-05-01 2024-04-30 SC422832 bus:Director1 2023-05-01 2024-04-30 SC422832 bus:Director2 2023-05-01 2024-04-30 SC422832 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-01 2024-04-30 SC422832 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC422832 core:Goodwill 2023-05-01 2024-04-30 SC422832 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 SC422832 core:MotorVehicles 2023-05-01 2024-04-30 SC422832 core:OfficeEquipment 2023-05-01 2024-04-30 SC422832 countries:Scotland 2023-05-01 2024-04-30 SC422832 2023-04-30 SC422832 core:Goodwill 2023-04-30 SC422832 core:FurnitureFittingsToolsEquipment 2023-04-30 SC422832 core:MotorVehicles 2023-04-30 SC422832 2022-05-01 2023-04-30 SC422832 2023-04-30 SC422832 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-30 SC422832 core:CurrentFinancialInstruments 2023-04-30 SC422832 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 SC422832 core:Non-currentFinancialInstruments 2023-04-30 SC422832 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 SC422832 core:Goodwill 2023-04-30 SC422832 core:FurnitureFittingsToolsEquipment 2023-04-30 SC422832 core:MotorVehicles 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC422832

M.P. Insulations Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

M.P. Insulations Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

M.P. Insulations Ltd.

Company Information

Directors

Miss Demi-Leigh Paul

Mr Martin Paul

Registered office

65 Bramble Wynd
Cambuslang
Glasgow
G72 6WU

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

M.P. Insulations Ltd.

(Registration number: SC422832)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,056

45,732

Tangible assets

5

83,620

104,525

 

93,676

150,257

Current assets

 

Stocks

6

1,200

1,200

Debtors

7

127,110

63,078

Cash at bank and in hand

 

109,121

94,563

 

237,431

158,841

Creditors: Amounts falling due within one year

8

(41,437)

(10,604)

Net current assets

 

195,994

148,237

Total assets less current liabilities

 

289,670

298,494

Creditors: Amounts falling due after more than one year

8

(71,747)

(90,054)

Net assets

 

217,923

208,440

Capital and reserves

 

Called up share capital

9

20

20

Retained earnings

217,903

208,420

Shareholders' funds

 

217,923

208,440

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

 

M.P. Insulations Ltd.

(Registration number: SC422832)
Balance Sheet as at 30 April 2024

.........................................
Mr Martin Paul
Director

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
65 Bramble Wynd
Cambuslang
Glasgow
G72 6WU

The principal place of business is:
65 Bramble Wynd
Cambuslang
Glasgow
G72 6WU

These financial statements were authorised for issue by the Board on 16 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

office equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

45,732

45,732

At 30 April 2024

45,732

45,732

Amortisation

Amortisation charge

35,676

35,676

At 30 April 2024

35,676

35,676

Carrying amount

At 30 April 2024

10,056

10,056

At 30 April 2023

45,732

45,732

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,913

176,530

178,443

At 30 April 2024

1,913

176,530

178,443

Depreciation

At 1 May 2023

1,229

72,689

73,918

Charge for the year

137

20,768

20,905

At 30 April 2024

1,366

93,457

94,823

Carrying amount

At 30 April 2024

547

83,073

83,620

At 30 April 2023

684

103,841

104,525

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,200

1,200

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

30,335

5,030

Other debtors

96,775

58,048

 

127,110

63,078

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

650

8,424

Taxation and social security

10,582

1,656

Other creditors

30,205

524

41,437

10,604

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

71,747

90,054

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

20

20

20

20

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

71,747

90,054

11

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £300.00 (2023 - £200.00) per ordinary share

 

6,000

 

4,000

         

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

12

Related party transactions

 

M.P. Insulations Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,130

10,080