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M T Skips Limited

Registered Number
10550130
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

M T Skips Limited
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

Michael William Enright

Registered Address

12 Johnson Street
Coseley
WV14 9RL

Registered Number

10550130 (England and Wales)
M T Skips Limited
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4554,078387,599
554,078387,599
Current assets
Debtors5559,073523,960
Cash at bank and on hand31,36627,970
590,439551,930
Creditors amounts falling due within one year6(234,613)(190,206)
Net current assets (liabilities)355,826361,724
Total assets less current liabilities909,904749,323
Creditors amounts falling due after one year7(41,667)-
Provisions for liabilities(96,460)-
Net assets771,777749,323
Capital and reserves
Called up share capital100100
Profit and loss account771,677749,223
Shareholders' funds771,777749,323
The financial statements were approved and authorised for issue by the Director on 23 January 2025, and are signed on its behalf by:
Michael William Enright
Director
Registered Company No. 10550130
M T Skips Limited
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Office Equipment15
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year59
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 May 23451,828
Additions252,612
At 30 April 24704,440
Depreciation and impairment
At 01 May 2364,229
Charge for year86,133
At 30 April 24150,362
Net book value
At 30 April 24554,078
At 30 April 23387,599
Included in the net book value of £387,599 is £150,875 relating to assets held under hire purchase agreements.
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables555,519515,106
Prepayments and accrued income3,5548,854
Total559,073523,960
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables86,508113,069
Taxation and social security51,40261,790
Finance lease and HP contracts33,333-
Other creditors59,87014,328
Accrued liabilities and deferred income3,5001,019
Total234,613190,206
7.Creditors: amounts due after one year

2024

2023

££
Other creditors41,667-
Total41,667-
The Other Creditors balance above relates to the amounts outstanding under hire purchase agreements due after one year.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts41,667-
The Company had Finance lease commitments during the year as follows: Less than 12 months - £ 33,333 Greater than 12 months - £ 41,667 Total £ 75,000