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Registration number: 09255868

MR & GD Limited



Unaudited Financial Statements

for the Year Ended 31 October 2023

 

MR & GD Limited

 

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 11

Detailed Profit and Loss Account

12 to 13

iXBRL Detailed Profit and Loss Account

14 to 15

 

MR & GD Limited

 

Company Information

Directors

G D Springer

R Springer

Registered office

2ND Floor
Parkgates Bury New Road
Prestwich
Manchester
Uk
M25 0TL

Accountants

Haffner Hoff Ltd
2nd Floor - Parkgates
Bury New Road
Prestwich
M25 0TL

 

MR & GD Limited

 

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

G D Springer

R Springer

Principal activity

The principal activity of the company is acting as an agent for goods and commodity sales.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
R Springer
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MR & GD Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MR & GD Limited for the year ended 31 October 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of MR & GD Limited, as a body, in accordance with the terms of our engagement letter dated 5 March 2015. Our work has been undertaken solely to prepare for your approval the accounts of MR & GD Limited and state those matters that we have agreed to state to the Board of Directors of MR & GD Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MR & GD Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MR & GD Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MR & GD Limited. You consider that MR & GD Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MR & GD Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Haffner Hoff Ltd
2nd Floor - Parkgates
Bury New Road
Prestwich
M25 0TL

27 January 2025

 

MR & GD Limited

 

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

 

997,811

653,918

Administrative expenses

 

(254,700)

(226,013)

Operating profit

 

743,111

427,905

Other interest receivable and similar income

 

685

-

Interest payable and similar charges

 

(782)

(1,143)

 

(97)

(1,143)

Profit before tax

743,014

426,762

Taxation

 

(167,792)

(82,902)

Profit for the financial year

 

575,222

343,860

Retained earnings brought forward

 

800,224

531,364

Dividends paid

 

(130,000)

(75,000)

Retained earnings carried forward

 

1,245,446

800,224

 

MR & GD Limited

 

(Registration number: 09255868)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,030

4,608

Current assets

 

Debtors

5

1,501,583

925,744

Cash at bank and in hand

 

135,599

106,656

 

1,637,182

1,032,400

Creditors: Amounts falling due within one year

6

(369,118)

(200,116)

Net current assets

 

1,268,064

832,284

Total assets less current liabilities

 

1,272,094

836,892

Creditors: Amounts falling due after more than one year

6

(26,646)

(36,666)

Net assets

 

1,245,448

800,226

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,245,446

800,224

Total equity

 

1,245,448

800,226

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
R Springer
Director

 

MR & GD Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2ND Floor
Parkgates Bury New Road
Prestwich
Manchester
Uk
M25 0TL
United Kingdom

These financial statements were authorised for issue by the Board on 27 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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 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.

 

MR & GD Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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

Plant & Machinery

25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Borrowings

 

MR & GD Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 directors) during the year, was 4 (2022 - 4).

 

MR & GD Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

12,899

12,899

Additions

1,373

1,373

At 31 October 2023

14,272

14,272

Depreciation

At 1 November 2022

8,291

8,291

Charge for the year

1,951

1,951

At 31 October 2023

10,242

10,242

Carrying amount

At 31 October 2023

4,030

4,030

At 31 October 2022

4,608

4,608

5

Debtors

Current

2023
£

2022
£

Trade debtors

790,336

379,444

Prepayments

89

89

Other debtors

711,158

546,211

 

1,501,583

925,744

 

MR & GD Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,844

1,505

Accruals and deferred income

1,700

1,600

Other creditors

364,574

197,011

369,118

200,116

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

26,646

36,666

7

Related party transactions

 

MR & GD Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

R Springer

Short term non interest bearing loan

8,176

366

-

8,543

G D Springer

Sort term non interest bearing loan

8,626

-

(84)

8,543

 

MR & GD Limited

 

Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
 £

2022
 £

Commissions

997,811

653,918

Administrative expenses

Wages

11,835

29,303

Directors Salaries

26,030

19,361

Commissions payable

-

3,000

Rent

5,940

5,720

Insurance

3,857

3,646

Repairs and renewals

-

6

Services

6,896

624

Telephone

1,028

2,621

Computer Expenses

7,481

4,886

Subscriptions

2,012

573

Charity Gift Aid

166,515

130,119

Sundry expenses

2,318

1,209

Cleaning

984

1,031

Motor and Travelling Expenses

10,964

10,722

Printing Stationery & Advertising

123

231

Accountancy

1,700

1,600

Professional Charges

4,913

1,580

Bad debts written off

-

7,600

Bank charges

153

645

Depreciation costs

1,951

1,536

(254,700)

(226,013)

Operating profit

743,111

427,905

Other interest receivable and similar income

685

-

Interest payable and similar charges

(782)

(1,143)

(97)

(1,143)

Profit before tax

743,014

426,762

Tax

Corporation Tax

(167,792)

(82,902)

Profit after tax

575,222

343,860

Retained earnings brought forward

800,224

531,364

Dividends paid

(130,000)

(75,000)

 

MR & GD Limited

 

Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
 £

2022
 £

Retained earnings carried forward

1,245,446

800,224

 

MR & GD Limited

 

iXBRL Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
£

2022
£

Turnover/revenue

997,811

653,918

Cost of sales

Opening stock/inventories

-

-

Closing stock/inventories

-

-

Gross profit

997,811

653,918

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,700)

(1,600)

Advertising, promotions and marketing costs

(123)

(231)

Rent, rates and services costs

(5,940)

(5,720)

Other repairs and maintenance costs

(6,896)

(630)

Cleaning costs

(984)

(1,031)

Depreciation of Fixed assets

(1,951)

(1,536)

Wages and salaries excluding directors

(11,835)

(29,303)

Other staff costs excluding directors

-

(3,000)

Staff costs excluding directors

(11,835)

(32,303)

Salaries and fees, directors

(26,030)

(19,361)

Travel and subsistence

(10,964)

(10,722)

Legal and professional costs

(4,913)

(1,580)

Bad debts and impairment losses

-

(7,600)

Bank charges

(153)

(645)

Insurance costs

(3,857)

(3,646)

IT and computing

(7,481)

(4,886)

Telecommunications

(1,028)

(2,621)

Charitable donations

(166,515)

(130,119)

Subscriptions

(2,012)

(573)

Other costs

(2,318)

(1,209)

Other operating income

Other items

Profit on ordinary activities before finance charges and interest

743,111

427,905

Bank interest and similar income receivable

685

-

Non-bank interest and similar charges

(782)

(1,143)

 

MR & GD Limited

 

iXBRL Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
£

2022
£

Profit on ordinary activities before taxation

743,014

426,762

Tax on profit or loss on ordinary activities

(167,792)

(82,902)

Profit for the financial year

575,222

343,860