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Registration number: 09525031

MK Global Trading Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Company Information

Directors

Mr Sylwester Maca

Mr Pawel Kubica

Registered office

Enterprise House
Worksop
Nottinghamshire
S81 7QF

 

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

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

Mr Sylwester Maca

Mr Pawel Kubica

Principal activity

The principal activity of the company is Retail sale via mail order houses or via Internet

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 28 January 2025 and signed on its behalf by:
 

.........................................
Mr Sylwester Maca
Director

.........................................
Mr Pawel Kubica
Director

 

(Registration number: 09525031)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

166,637

166,579

Current assets

 

Stocks

6

32,475

22,431

Debtors

7

35,119

438

Cash at bank and in hand

 

47,610

173,043

 

115,204

195,912

Creditors: Amounts falling due within one year

8

(127,523)

(177,668)

Net current (liabilities)/assets

 

(12,319)

18,244

Total assets less current liabilities

 

154,318

184,823

Creditors: Amounts falling due after more than one year

8

(25,565)

-

Provisions for liabilities

(41,659)

-

Net assets

 

87,094

184,823

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

86,994

184,723

Shareholders' funds

 

87,094

184,823

For the financial year ending 30 April 2024 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.

 

(Registration number: 09525031)
Balance Sheet as at 30 April 2024

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 28 January 2025 and signed on its behalf by:
 

.........................................
Mr Sylwester Maca
Director

.........................................
Mr Pawel Kubica
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Enterprise House
Worksop
Nottinghamshire
S81 7QF

These financial statements were authorised for issue by the Board on 28 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.

The accounts are stated in GBP and rounded to the nearest GBP.

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 sales/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 deferred 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.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Office Equipment

33% Straight Line

Plant and 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

4

Loss/profit before tax

Arrived at after charging/(crediting)

 

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Depreciation expense

44,710

57,561

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

81,417

-

420,399

501,816

Additions

2,023

41,834

911

44,768

At 30 April 2024

83,440

41,834

421,310

546,584

Depreciation

At 1 May 2023

75,331

-

259,906

335,237

Charge for the year

3,604

2,092

39,014

44,710

At 30 April 2024

78,935

2,092

298,920

379,947

Carrying amount

At 30 April 2024

4,505

39,742

122,390

166,637

At 30 April 2023

6,086

-

160,493

166,579

6

Stocks

2024
£

2023
£

Other inventories

32,475

22,431

7

Debtors

Current

2024
£

2023
£

Trade debtors

22,500

64

Prepayments

659

374

Other debtors

11,960

-

 

35,119

438

 

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

14,595

2,495

Trade creditors

 

82,887

104,690

Taxation and social security

 

26,141

67,551

Accruals and deferred income

 

1,595

1,595

Other creditors

 

2,305

1,337

 

127,523

177,668

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

25,565

-

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

25,565

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

13,945

-

Other borrowings

650

2,495

14,595

2,495

11

Related party transactions

 

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Contributions paid to money purchase schemes

380

380

25,520

25,520

12

Parent and ultimate parent undertaking

The company's immediate parent is BSEN Limited, incorporated in England and Wales.