Registered number
07186109
M18 Limited
Filleted Accounts
30 April 2024
M18 Limited
Registered number: 07186109
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 326,809 337,505
Current assets
Stocks 259,830 245,240
Debtors 4 244,618 264,461
Cash at bank and in hand 104,444 128,222
608,892 637,923
Creditors: amounts falling due within one year 5 (700,051) (821,601)
Net current liabilities (91,159) (183,678)
Total assets less current liabilities 235,650 153,827
Creditors: amounts falling due after more than one year 6 (18,795) (32,177)
Net assets 216,855 121,650
Capital and reserves
Called up share capital 100 100
Profit and loss account 216,755 121,550
Shareholders' funds 216,855 121,650
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Shahid Ali
Director
Approved by the board on 16 January 2025
M18 Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements amortised over life
Plant and machinery 5% reducing balance
Motor vehicles 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 24 21
3 Tangible fixed assets
Leasehold improve-ments Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 68,647 318,242 141,768 528,657
Additions - 8,333 - 8,333
At 30 April 2024 68,647 326,575 141,768 536,990
Depreciation
At 1 May 2023 8,668 92,086 90,398 191,152
Charge for the year 2,167 11,725 5,137 19,029
At 30 April 2024 10,835 103,811 95,535 210,181
Net book value
At 30 April 2024 57,812 222,764 46,233 326,809
At 30 April 2023 59,979 226,156 51,370 337,505
4 Debtors 2024 2023
£ £
Trade debtors 237,765 223,435
Other debtors 6,853 41,026
244,618 264,461
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 1,821 6,506
Trade creditors 321,053 477,159
Taxation and social security costs 30,897 2,615
Other creditors 336,280 325,321
700,051 821,601
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,000 25,000
Obligations under finance lease and hire purchase contracts 3,795 7,177
18,795 32,177
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 25,000 35,000
Coronavirus bounce back loan of £25,000 (2022 : £35,000) is covered by a government-backed guarantee.
8 Other information
M18 Limited is a private company limited by shares and incorporated in England. Its registered office is:
U5, 20 High Street
London
E15 2PP
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