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Company Registration No. 12732395 (England and Wales)
MPS Automotive Ltd Unaudited accounts for the year ended 31 March 2024
MPS Automotive Ltd Unaudited accounts Contents
Page
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MPS Automotive Ltd Company Information for the year ended 31 March 2024
Director
P McCallum
Company Number
12732395 (England and Wales)
Registered Office
61 Plodder Lane Farnworth Bolton BL4 0BX
Accountants
Daniel Sam Limited 61 Plodder Lane Farnworth Bolton BL4 0BX
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MPS Automotive Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
189,237 
109,537 
Current assets
Inventories
5,397 
3,600 
Debtors
47,882 
29,457 
Cash at bank and in hand
7,132 
5,332 
60,411 
38,389 
Creditors: amounts falling due within one year
(87,217)
(32,199)
Net current (liabilities)/assets
(26,806)
6,190 
Total assets less current liabilities
162,431 
115,727 
Creditors: amounts falling due after more than one year
(240,087)
(113,051)
Net (liabilities)/assets
(77,656)
2,676 
Capital and reserves
Called up share capital
1,000 
1,000 
Share premium
680,827 
680,827 
Profit and loss account
(759,483)
(679,151)
Shareholders' funds
(77,656)
2,676 
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. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 November 2024 and were signed on its behalf by
P McCallum Director Company Registration No. 12732395
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MPS Automotive Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
MPS Automotive Ltd is a private company, limited by shares, registered in England and Wales, registration number 12732395. The registered office is 61 Plodder Lane, Farnworth, Bolton, BL4 0BX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
in accordance with the property
Plant & machinery
20% on cost
Motor vehicles
20% on reducing balance
Fixtures & fittings
20% on cost
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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MPS Automotive Ltd Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
85,436 
52,611 
- 
29,921 
167,968 
Additions
3,677 
1,871 
110,000 
- 
115,548 
Disposals
- 
(6,635)
- 
- 
(6,635)
At 31 March 2024
89,113 
47,847 
110,000 
29,921 
276,881 
Depreciation
At 1 April 2023
18,130 
24,596 
- 
15,705 
58,431 
Charge for the year
8,850 
9,258 
7,333 
5,984 
31,425 
On disposals
- 
(2,212)
- 
- 
(2,212)
At 31 March 2024
26,980 
31,642 
7,333 
21,689 
87,644 
Net book value
At 31 March 2024
62,133 
16,205 
102,667 
8,232 
189,237 
At 31 March 2023
67,306 
28,015 
- 
14,216 
109,537 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
102,667 
- 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
7,682 
498 
Trade debtors
12,976 
2,645 
Accrued income and prepayments
27,224 
26,314 
47,882 
29,457 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
23,203 
- 
Trade creditors
31,822 
14,180 
Taxes and social security
10,507 
16,580 
Other creditors
20,832 
772 
Accruals
853 
667 
87,217 
32,199 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
84,600 
- 
Other creditors
155,487 
113,051 
240,087 
113,051 
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MPS Automotive Ltd Notes to the Accounts for the year ended 31 March 2024
8
Average number of employees
During the year the average number of employees was 7 (2023: 7).
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