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Registered number: 05023032
Mucklow Hill Interiors Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05023032
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 955,699 931,227
955,699 931,227
CURRENT ASSETS
Stocks 5 160,915 142,450
Debtors 6 161,000 173,158
Cash at bank and in hand 49,395 89,231
371,310 404,839
Creditors: Amounts Falling Due Within One Year 7 (212,932 ) (272,531 )
NET CURRENT ASSETS (LIABILITIES) 158,378 132,308
TOTAL ASSETS LESS CURRENT LIABILITIES 1,114,077 1,063,535
Creditors: Amounts Falling Due After More Than One Year 8 (529,934 ) (563,899 )
NET ASSETS 584,143 499,636
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 584,043 499,536
SHAREHOLDERS' FUNDS 584,143 499,636
Page 1
Page 2
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 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Harjit Mahal
Director
26/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Mucklow Hill Interiors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05023032 . The registered office is Mucklow Hill, Halesowen, Halesowen, West Midlands, B62 8DL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 15%
Motor Vehicles 15%
Fixtures & Fittings 15%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 867,705 30,289 41,495 226,620 1,166,109
Additions - 16,789 - 23,211 40,000
As at 31 March 2024 867,705 47,078 41,495 249,831 1,206,109
Depreciation
As at 1 April 2023 - 29,090 37,126 168,666 234,882
Provided during the period - 2,698 655 12,175 15,528
As at 31 March 2024 - 31,788 37,781 180,841 250,410
Net Book Value
As at 31 March 2024 867,705 15,290 3,714 68,990 955,699
As at 1 April 2023 867,705 1,199 4,369 57,954 931,227
5. Stocks
2024 2023
£ £
Finished goods 160,915 142,450
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 12,158
Other Loans (Other Loans< 1 year) 161,000 161,000
161,000 173,158
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 81,980 194,119
Corporation tax 28,907 19,637
Other taxes and social security 4,350 7,085
VAT 20,392 17,291
Other creditors 63,895 -
Accruals and deferred income 4,167 21,660
Directors' loan accounts 9,241 12,739
212,932 272,531
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 488,249 512,490
Directors loan account 41,685 51,409
529,934 563,899
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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