Company Registration No. 07535093 (England and Wales)
MFD Communication Infrastructure Ltd
Unaudited accounts
for the year ended 31 July 2024
MFD Communication Infrastructure Ltd
Unaudited accounts
Contents
MFD Communication Infrastructure Ltd
Company Information
for the year ended 31 July 2024
Directors
Peter Briffett
Nigel Proctor
Company Number
07535093 (England and Wales)
Registered Office
Highland House
Mayflower Close
Chandlers Ford, Eastleigh
Hampshire
SO53 4AR
MFD Communication Infrastructure Ltd
Statement of financial position
as at 31 July 2024
Tangible assets
20,888
24,300
Cash at bank and in hand
31,464
87,163
Creditors: amounts falling due within one year
(148,899)
(150,223)
Net current assets
96,074
124,975
Total assets less current liabilities
116,962
149,275
Provisions for liabilities
Deferred tax
(5,222)
(6,075)
Net assets
111,740
143,200
Called up share capital
120
120
Capital redemption reserve
120
120
Profit and loss account
111,500
142,960
Shareholders' funds
111,740
143,200
For the year ending 31 July 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 directors acknowledge their 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 of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by
Peter Briffett
Director
Company Registration No. 07535093
MFD Communication Infrastructure Ltd
Notes to the Accounts
for the year ended 31 July 2024
MFD Communication Infrastructure Ltd is a private company, limited by shares, registered in England and Wales, registration number 07535093. The registered office is Highland House, Mayflower Close, Chandlers Ford, Eastleigh, Hampshire, SO53 4AR. The principal place of business is Studio 52 Basepoint Business Centre, Andersons Road, Southampton, Hampshire, SO14 5FE.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with "The Financial Reporting Standards applicable in the
UK and Republic of Ireland" ("FRS102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is
required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historic cost convention, modified to include certain financial
instruments at fair value. The principle accounting policies are set out below.
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.
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due net of applicable taxes.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
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:
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
3 years Straight Line
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
MFD Communication Infrastructure Ltd
Notes to the Accounts
for the year ended 31 July 2024
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.
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.
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.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MFD Communication Infrastructure Ltd
Notes to the Accounts
for the year ended 31 July 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2023
13,612
27,052
5,915
25,618
72,197
Additions
-
-
449
2,777
3,226
At 31 July 2024
13,612
27,052
6,364
28,395
75,423
At 1 August 2023
6,729
14,688
2,702
23,778
47,897
Charge for the year
1,376
3,091
510
1,661
6,638
At 31 July 2024
8,105
17,779
3,212
25,439
54,535
At 31 July 2024
5,507
9,273
3,152
2,956
20,888
At 31 July 2023
6,883
12,364
3,213
1,840
24,300
Amounts falling due within one year
Trade debtors
142,919
155,710
Accrued income and prepayments
10,198
8,857
Other debtors
60,392
23,468
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
12,557
Trade creditors
39,834
39,777
Taxes and social security
67,024
45,914
Other creditors
2,579
14,386
The following secured debts are included in creditors above:
Hire Purchase Contracts £nil (2023: £12,557)
The hire purchase contracts are secured on the assets to which they relate.
7
Operating lease commitments
2024
2023
At 31 July 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
5,318
28,236
MFD Communication Infrastructure Ltd
Notes to the Accounts
for the year ended 31 July 2024
8
Average number of employees
During the year the average number of employees was 7 (2023: 7).