MKP Preston Limited - Filleted accounts

Registered number

10878260

MKP Preston Limited

Filleted Accounts

31 July 2024

MKP Preston Limited
Registered number:		10878260
Balance Sheet
as at 31 July 2024

Notes			2024			2023
£				£
Fixed assets
Intangible assets	3		150,000			150,000
Tangible assets	4		2,079			2,599
			152,079			152,599

Current assets
Stocks		43,280			31,453
Debtors	5	8,969			9,142
Cash at bank and in hand		111,433			92,666
		163,682			133,261

Creditors: amounts falling due within one year	6	(29,088)			(10,972)

Net current assets			134,594			122,289

Total assets less current liabilities			286,673			274,888

Creditors: amounts falling due after more than one year	7		(64,854)			(74,701)

Net assets			221,819			200,187

Capital and reserves
Called up share capital			100			100
Profit and loss account			221,719			200,087

Shareholders' funds			221,819			200,187

The director is 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 director acknowledges his 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.




Mita Parekh
Director
Approved by the board on 27 Mar 2025

MKP Preston Limited
Notes to the Accounts
for the year ended 31 July 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.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	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	20% on reducing balance
	Fixtures, fittings, tools and equipment	20% on reducing balance

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	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			11		11


3	Intangible fixed assets					£
	Goodwill:

	Cost
	At 1 August 2023					150,000
	Additions					-
	Disposals					-
	At 31 July 2024					150,000

	Amortisation
	At 1 August 2023					-
	Provided during the year					-
	On disposals					-
	At 31 July 2024					-

	Net book value
	At 31 July 2024					150,000
	At 31 July 2023					150,000

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


4	Tangible fixed assets
		Fixtures and Fittings		Motor vehicles		Total
£			£		£
	Cost
	At 1 August 2023	4,614		-		4,614
	Additions			-		-
	Surplus on revaluation	-		-		-
	Disposals	-		-		-
	At 31 July 2024	4,614		-		4,614

	Depreciation
	At 1 August 2023	2,015		-		2,015
	Charge for the year	520		-		520
	Surplus on revaluation	-		-		-
	On disposals	-		-		-
	At 31 July 2024	2,535		-		2,535

	Net book value
	At 31 July 2024	2,079		-		2,079
	At 31 July 2023	2,599		-		2,599


5	Debtors			2024		2023
£					£

	Trade debtors			8,969		8,766
	Other debtors			-		376
				8,969		9,142

	Amounts due after more than one year included above			-		-


6	Creditors: amounts falling due within one year			2024		2023
£					£

	Trade creditors			12,837		4,382
	Taxation and social security costs			11,105		3,327
	Other creditors			5,146		3,263
				29,088		10,972


7	Creditors: amounts falling due after one year			2024		2023
£					£

	Bank loans			26,608		36,455
	Other creditors			38,246		38,246
				64,854		74,701



	MKP Preston Limited is a private company limited by shares and incorporated in England. Its registered office is:
	431 Blackpool Road
	Ashton-on-Ribble
	Preston

	PR2 2DU