Registered number
06256140
MKC DIY CENTRE LIMITED
Filleted Accounts
31 May 2024
MKC DIY CENTRE LIMITED
Registered number: 06256140
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 18,272 14,588
Current assets
Stocks 111,890 131,950
Debtors 4 107,678 117,676
Cash at bank and in hand 296,939 165,012
516,507 414,638
Creditors: amounts falling due within one year 5 (193,514) (172,567)
Net current assets 322,993 242,071
Total assets less current liabilities 341,265 256,659
Creditors: amounts falling due after more than one year 6 (10,000) (20,000)
Net assets 331,265 236,659
Capital and reserves
Called up share capital 100 100
Profit and loss account 331,165 236,559
Shareholders' funds 331,265 236,659
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kostas Costi
Director
Approved by the board on 8 February 2025
MKC DIY CENTRE LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 46,059 38,751 24,250 109,060
Additions - 7,284 9,100 16,384
At 31 May 2024 46,059 46,035 33,350 125,444
Depreciation
At 1 June 2023 39,512 33,081 21,879 94,472
Charge for the year 4,820 2,484 5,396 12,700
At 31 May 2024 44,332 35,565 27,275 107,172
Net book value
At 31 May 2024 1,727 10,470 6,075 18,272
At 31 May 2023 6,547 5,670 2,371 14,588
4 Debtors 2024 2023
£ £
Trade debtors 105,562 67,263
Other debtors 2,116 50,413
107,678 117,676
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 96,970 89,433
Taxation and social security costs 56,006 37,954
Other creditors 30,538 35,180
193,514 172,567
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 20,000
7 Controlling party
The company was both in the current and preceding accounting periods under the ultimate control of its directors by virtue of their ownership of the company’s entire issued share capital.
8 Other information
MKC DIY CENTRE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
330 High Road
North Finchley
London
N2 9AD
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