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Company Registration No. 10845579 (England and Wales)
MPW DECORATING LTD Unaudited accounts for the year ended 31 March 2024
MPW DECORATING LTD Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
17,405 
23,823 
Tangible assets
190,047 
160,447 
207,452 
184,270 
Current assets
Inventories
2,172 
2,491 
Debtors
604,417 
710,723 
Cash at bank and in hand
142,805 
144,912 
749,394 
858,126 
Creditors: amounts falling due within one year
(53,830)
(105,277)
Net current assets
695,564 
752,849 
Total assets less current liabilities
903,016 
937,119 
Creditors: amounts falling due after more than one year
(36,112)
- 
Provisions for liabilities
Deferred tax
(35,910)
(30,242)
Net assets
830,994 
906,877 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
830,894 
906,777 
Shareholders' funds
830,994 
906,877 
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by
Matthew Watford Director Company Registration No. 10845579
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MPW DECORATING LTD Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
MPW DECORATING LTD is a private company, limited by shares, registered in England and Wales, registration number 10845579. The registered office is First Floor Offices, 25 Sanders Road, Finedon Road Industrial Estate , Wellingborough, Northamptonshire , NN8 4NL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
20% reducing balance
Computer equipment
Over 5 years
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
- 3 -
MPW DECORATING LTD Notes to the Accounts for the year ended 31 March 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 April 2023
32,088 
At 31 March 2024
32,088 
Amortisation
At 1 April 2023
8,265 
Charge for the year
6,418 
At 31 March 2024
14,683 
Net book value
At 31 March 2024
17,405 
At 31 March 2023
23,823 
- 4 -
MPW DECORATING LTD Notes to the Accounts for the year ended 31 March 2024
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
15,976 
200,580 
28,248 
9,216 
254,020 
Additions
- 
77,666 
- 
- 
77,666 
At 31 March 2024
15,976 
278,246 
28,248 
9,216 
331,686 
Depreciation
At 1 April 2023
10,124 
72,308 
6,897 
4,244 
93,573 
Charge for the year
1,462 
41,090 
4,271 
1,243 
48,066 
At 31 March 2024
11,586 
113,398 
11,168 
5,487 
141,639 
Net book value
At 31 March 2024
4,390 
164,848 
17,080 
3,729 
190,047 
At 31 March 2023
5,852 
128,272 
21,351 
4,972 
160,447 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
49,375 
- 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
36,023 
18,292 
Trade debtors
414,273 
403,509 
Accrued income and prepayments
9,798 
6,104 
Other debtors
144,323 
282,818 
604,417 
710,723 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
10,619 
- 
Trade creditors
18,139 
19,055 
Taxes and social security
15,984 
68,601 
Other creditors
- 
74 
Loans from directors
6,171 
17,547 
Accruals
2,917 
- 
53,830 
105,277 
The HP Liability is secured against the vehicle.
- 5 -
MPW DECORATING LTD Notes to the Accounts for the year ended 31 March 2024
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
36,112 
- 
The HP Liability is secured against the vehicle.
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
75 Ordinary A Shares of £1 each
75 
75 
25 Ordinary B Shares of £1 each
25 
25 
100 
100 
10
Average number of employees
During the year the average number of employees was 6 (2023: 5).
- 6 -