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Registration number: 04273049

Milton Keynes Forklift Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

image-name
 

Milton Keynes Forklift Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Milton Keynes Forklift Limited

Company Information

Director

Mr Ian David Collins

Company secretary

Mr Ian David Collins

Registered office

Unit 33 Barton Road
Water Eaton Industrial Estate
Bletchley
Milton Keynes
Buckinghamshire
MK2 3LG

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Milton Keynes Forklift Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Milton Keynes Forklift Limited for the year ended 31 December 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Milton Keynes Forklift Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Milton Keynes Forklift Limited and state those matters that we have agreed to state to the Board of Directors of Milton Keynes Forklift Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Milton Keynes Forklift Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Milton Keynes Forklift Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Milton Keynes Forklift Limited. You consider that Milton Keynes Forklift Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Milton Keynes Forklift Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Date:.............................

 

Milton Keynes Forklift Limited

(Registration number: 04273049)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

662,859

782,125

Current assets

 

Stocks

5

216,273

145,444

Debtors

6

170,516

120,064

Cash at bank and in hand

 

3,218,499

2,778,757

 

3,605,288

3,044,265

Creditors: Amounts falling due within one year

7

(878,921)

(853,985)

Net current assets

 

2,726,367

2,190,280

Total assets less current liabilities

 

3,389,226

2,972,405

Provisions for liabilities

(102,585)

(132,041)

Net assets

 

3,286,641

2,840,364

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

3,286,541

2,840,264

Shareholders' funds

 

3,286,641

2,840,364

For the financial year ending 31 December 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 his 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.

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 February 2025
 

 

Milton Keynes Forklift Limited

(Registration number: 04273049)
Balance Sheet as at 31 December 2024

.........................................
Mr Ian David Collins
Company secretary and director

 

Milton Keynes Forklift Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Unit 33 Barton Road
Water Eaton Industrial Estate
Bletchley
Milton Keynes
Buckinghamshire
MK2 3LG

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

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 and 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.

 

Milton Keynes Forklift Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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

Freehold property and improvements to property

0.5% on cost

Plant and machinery

At varying rates on cost

Furniture and fittings

15% on cost

Motor vehicles

14% on cost

Office equipment

33% on cost

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.

 

Milton Keynes Forklift Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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.

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.

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 an 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 during the year, including the director, was 11 (2023 - 10).

 

Milton Keynes Forklift Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

271,589

697,006

143,502

1,112,097

Additions

-

81,778

-

81,778

Disposals

-

(145,518)

-

(145,518)

At 31 December 2024

271,589

633,266

143,502

1,048,357

Depreciation

At 1 January 2024

19,012

207,566

103,395

329,973

Charge for the year

1,358

64,793

15,748

81,899

Eliminated on disposal

-

(26,374)

-

(26,374)

At 31 December 2024

20,370

245,985

119,143

385,498

Carrying amount

At 31 December 2024

251,219

387,281

24,359

662,859

At 31 December 2023

252,577

489,441

40,107

782,125

5

Stocks

2024
£

2023
£

Inventory

216,273

145,444

6

Debtors

Current

2024
£

2023
£

Trade debtors

165,693

99,261

Prepayments

4,723

20,703

Other debtors

100

100

 

170,516

120,064

 

Milton Keynes Forklift Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

496,367

557,880

Other creditors

 

1,053

863

PAYE and NIC creditor

 

8,118

1,379

VAT

 

65,982

21,920

Accruals

 

22,681

8,805

Corporation tax

 

209,170

187,217

Owed by/(from) group undertakings

 

75,550

75,921

 

878,921

853,985

8

Related party transactions

Transactions with the director

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr Ian David Collins

Loan (no interest chargeable)

-

1,588

(1,588)

-

-

-

-

-

-

1,588

(1,588)

-