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Registration number: 10055569

MWO Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

MWO Limited
(Registration number: 10055569)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

MWO Limited
(Registration number: 10055569)

Company Information

Director

M Williams

Company secretary

P Williams

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

MWO Limited
(Registration number: 10055569)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,000

3,000

Tangible assets

5

8,160

14,857

 

10,160

17,857

Current assets

 

Debtors

6

53,540

30,000

Cash at bank and in hand

 

237,620

186,869

 

291,160

216,869

Creditors: Amounts falling due within one year

7

(35,659)

(22,831)

Net current assets

 

255,501

194,038

Total assets less current liabilities

 

265,661

211,895

Provisions for liabilities

(1,551)

(2,823)

Net assets

 

264,110

209,072

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

264,010

208,972

Total equity

 

264,110

209,072

For the financial 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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

MWO Limited
(Registration number: 10055569)

Balance Sheet as at 31 March 2024

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 director on 24 November 2024
 

.........................................
M Williams
Director

 

MWO Limited
(Registration number: 10055569)

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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 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 and deferred 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.

 

MWO Limited
(Registration number: 10055569)

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

25% straight line

Computer equipment

25% straight line

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

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.

 

MWO Limited
(Registration number: 10055569)

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

MWO Limited
(Registration number: 10055569)

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Amortisation

At 1 April 2023

7,000

7,000

Amortisation charge

1,000

1,000

At 31 March 2024

8,000

8,000

Carrying amount

At 31 March 2024

2,000

2,000

At 1 April 2016 31 March 2023

3,000

3,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

863

28,420

29,283

Additions

832

-

832

At 31 March 2024

1,695

28,420

30,115

Depreciation

At 1 April 2023

216

14,210

14,426

Charge for the year

424

7,105

7,529

At 31 March 2024

640

21,315

21,955

Carrying amount

At 31 March 2024

1,055

7,105

8,160

At 31 March 2023

647

14,210

14,857

 

MWO Limited
(Registration number: 10055569)

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

53,540

30,000

Total current trade and other debtors

53,540

30,000

7

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

29,721

16,236

Other creditors

3,304

4,320

Accrued expenses

2,634

2,275

35,659

22,831