MK Home Improvements Ltd |
Notes to the Accounts |
for the year ended 31 July 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Going Conern |
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The company has an excess of liabilities over assets at 31st July 2019 and the company's ability to continue trading is dependant on the full support of the company's directors and shareholders. The directors consider that the company will continue to trade for the foreseeable future and accordingly the financial statements are prepared on a going concern basis. |
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3 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
1,542 |
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540 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Other creditors |
72,242 |
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65,549 |
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6 |
Controlling party |
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The directors of the company are also the shareholders. |
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7 |
Other information |
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MK Home Improvements Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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1a Whitefield Avenue |
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Purley |
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Surrey |
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CR8 4BN |