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
Intangible assets
17,405
23,823
Tangible assets
190,047
160,447
Cash at bank and in hand
142,805
144,912
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
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
MPW DECORATING LTD
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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
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 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.
MPW DECORATING LTD
Notes to the Accounts
for the year ended 31 March 2024
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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
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
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
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
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Amounts falling due within one year
Trade debtors
414,273
403,509
Accrued income and prepayments
9,798
6,104
Other debtors
144,323
282,818
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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
Loans from directors
6,171
17,547
The HP Liability is secured against the vehicle.
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.
Allotted, called up and fully paid:
75 Ordinary A Shares of £1 each
75
75
25 Ordinary B Shares of £1 each
25
25
10
Average number of employees
During the year the average number of employees was 6 (2023: 5).