Company registration number 12495482 (England and Wales)
MK Recovery Limited
Unaudited financial statements
For the year ended 31 March 2024
MK Recovery Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
MK Recovery Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
9,866
9,353
Cash at bank and in hand
2
2
9,868
9,355
Creditors: amounts falling due within one year
5
(1,714)
(3,282)
Net current assets
8,154
6,073
Capital and reserves
Called up share capital
2
2
Retained earnings
8,152
6,071
Total equity
8,154
6,073
For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr M R Harris
Director
Company registration number 12495482 (England and Wales)
MK Recovery Limited
Notes to the financial statements
For the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
MK Recovery Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12495482 and its registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is trading profitably and is not dependent on any form oftrue financial debt.
The directors are therefore satisfied that the company is a going concern and that the accounts are correctly prepared on this basis.
1.3
Revenue
Revenue comprises income from the provision of vehicle recovery services.
Service income is recognised as those services are provided to customers.
1.4
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Basic financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Basic financial liabilities
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
MK Recovery Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
2
Judgements and key sources of estimation uncertainty
In the opinion of the directors, there are are currently no significant judgements or estimates applied in preparing the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 2 (2023 - 2)
2024
2023
Number
Number
Total
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
9,866
9,353
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,368
Taxation and social security
346
546
Other creditors
1,368
1,368
1,714
3,282