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Registered number: 14264242
MBT Stoke Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14264242
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,628,807 1,420,362
1,628,807 1,420,362
CURRENT ASSETS
Debtors 5 235,599 273,555
Cash at bank and in hand 400,389 131,465
635,988 405,020
Creditors: Amounts Falling Due Within One Year 6 (306,115 ) (218,037 )
NET CURRENT ASSETS (LIABILITIES) 329,873 186,983
TOTAL ASSETS LESS CURRENT LIABILITIES 1,958,680 1,607,345
PROVISIONS FOR LIABILITIES
Deferred Taxation (237,500 ) (185,500 )
NET ASSETS 1,721,180 1,421,845
CAPITAL AND RESERVES
Called up share capital 7 1,318,565 1,318,565
Profit and Loss Account 402,615 103,280
SHAREHOLDERS' FUNDS 1,721,180 1,421,845
Page 1
Page 2
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.
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
J Bailey
Director
14/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MBT Stoke Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14264242 . The registered office is Longport Mill, Canal Street, Longport, Stoke-On-Trent, Staffordshire, ST6 4LU.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.
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 the rendering of transport services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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 nil
Plant & Machinery 20% Net book value (NBV)
Motor Vehicles 20% NBV
Fixtures & Fittings 10% NBV
The directors consider that the residual value of the property equates to the cost, therefore there is a depreciation charge of £nil in the current year.
2.4. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. The basic financial instruments of the company are as follows:
Debtors
Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Ths comprises cash at bank and cash in hand.
Trade creditors
Trade creditors are not interest bearing and are stated at their nominal value.
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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.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the period was as follows: 12 (2023: 10)
12 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2023 671,840 2,514 933,057 72 1,607,483
Additions - - 457,680 - 457,680
Disposals - - (12,500 ) - (12,500 )
As at 31 July 2024 671,840 2,514 1,378,237 72 2,052,663
...CONTINUED
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Depreciation
As at 1 August 2023 - 503 186,611 7 187,121
Provided during the period - 402 238,826 7 239,235
Disposals - - (2,500 ) - (2,500 )
As at 31 July 2024 - 905 422,937 14 423,856
Net Book Value
As at 31 July 2024 671,840 1,609 955,300 58 1,628,807
As at 1 August 2023 671,840 2,011 746,446 65 1,420,362
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 173,306 226,672
Prepayments and accrued income 62,293 46,883
235,599 273,555
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 61,282 42,613
Corporation tax 51,000 12,450
Other taxes and social security 8,846 9,000
VAT 87,573 40,977
Other creditors 81,799 80,032
Accruals and deferred income 2,050 2,000
Directors' loan accounts 13,565 30,965
306,115 218,037
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,318,565 1,318,565
8. Related Party Transactions
Included in other creditors is an interest free loan from PRD Properties Limited of £75,000 (2023, £75,000), a company in which the directors are directors and shareholders.
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