Registered number
10121153
MCFHOME Ltd
Filleted Accounts
30 April 2024
MCFHOME Ltd
Registered number: 10121153
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 40,309 31,487
Current assets
Stocks 32,825 50,500
Debtors 4 3,132 361
Cash at bank and in hand 10,517 7,215
46,474 58,076
Creditors: amounts falling due within one year 5 (53,041) (41,869)
Net current (liabilities)/assets (6,567) 16,207
Total assets less current liabilities 33,742 47,694
Creditors: amounts falling due after more than one year 6 (11,629) (24,233)
Net assets 22,113 23,461
Capital and reserves
Called up share capital 1 1
Profit and loss account 22,112 23,460
Shareholder's funds 22,113 23,461
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 member has 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.
N Uddin
Director
Approved by the board on 26 April 2025
MCFHOME Ltd
Notes to the Accounts
for the year ended 30 April 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 includes revenue earned from the sale of goods and from the rendering of services, net of discounts and value added taxes.
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:
Motor vehicles 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 4,541 53,292 57,833
Additions 1,923 17,026 18,949
Disposals - (7,990) (7,990)
At 30 April 2024 6,464 62,328 68,792
Depreciation
At 1 May 2023 2,534 23,812 26,346
Charge for the year 589 6,524 7,113
On disposals - (4,976) (4,976)
At 30 April 2024 3,123 25,360 28,483
Net book value
At 30 April 2024 3,341 36,968 40,309
At 30 April 2023 2,007 29,480 31,487
4 Debtors 2024 2023
£ £
Trade debtors 2,632 361
Other debtors 500 -
3,132 361
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 17,087 10,087
Obligations under finance lease and hire purchase contracts 2,970 4,277
Trade creditors 13,390 11,084
Taxation and social security costs 10,023 6,207
Other creditors 9,571 10,214
53,041 41,869
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,580 21,014
Obligations under finance lease and hire purchase contracts 49 3,219
11,629 24,233
7 Other information
MCFHOME Ltd is a private company limited by shares and incorporated in England. Its registered office is:
146 Martha Street
London
E1 2PG
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