MK Menswear Ltd 13988718 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Retail sale of clothing Digita Accounts Production Advanced 6.30.9574.0 true true 13988718 2023-06-01 2024-05-31 13988718 2024-05-31 13988718 bus:OrdinaryShareClass1 2024-05-31 13988718 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 13988718 bus:SmallEntities 2023-06-01 2024-05-31 13988718 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 13988718 bus:FilletedAccounts 2023-06-01 2024-05-31 13988718 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 13988718 bus:RegisteredOffice 2023-06-01 2024-05-31 13988718 bus:Director1 2023-06-01 2024-05-31 13988718 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 13988718 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13988718 core:FurnitureFittings 2023-06-01 2024-05-31 13988718 countries:England 2023-06-01 2024-05-31 13988718 2022-03-19 2023-05-31 13988718 2023-05-31 13988718 bus:OrdinaryShareClass1 2023-05-31 13988718 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13988718

MK Menswear Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

MK Menswear Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

MK Menswear Ltd

Company Information

Director

Mrs Tabinda Afzal

Registered office

114 Randall Street
Blackburn
Lancashire
BB1 7LG

Accountants

A.Y.A Accountants Limited
82 Blackburn Road
Accrington
Lancashire
BB5 1LL

 

MK Menswear Ltd

(Registration number: 13988718)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14,755

3,016

Current assets

 

Stocks

8,000

10,000

Cash at bank and in hand

 

39,330

36,989

 

47,330

46,989

Creditors: Amounts falling due within one year

(40,183)

(44,204)

Net current assets

 

7,147

2,785

Total assets less current liabilities

 

21,902

5,801

Accruals and deferred income

 

(1,880)

(940)

Net assets

 

20,022

4,861

Capital and reserves

 

Called up share capital

4

1

1

Retained earnings

20,021

4,860

Shareholders' funds

 

20,022

4,861

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 January 2025
 

 

MK Menswear Ltd

(Registration number: 13988718)
Abridged Balance Sheet as at 31 May 2024

.........................................
Mrs Tabinda Afzal
Director

 

MK Menswear Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
114 Randall Street
Blackburn
Lancashire
BB1 7LG

These financial statements were authorised for issue by the director 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 abridged 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 abridged 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 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 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.

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.

 

MK Menswear Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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

Furniture and Fittings

20% Reduced Balancing Rate

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.

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.

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

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.

 

MK Menswear Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 1).

4

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100