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Registration number: 08757839

M P Wright Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

M P Wright Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

M P Wright Ltd

Company Information

Director

M P Wright

Company secretary

S M Wright

Registered office

51 St. John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

M P Wright Ltd

Director's Report for the Year Ended 30 November 2024

The director presents his report and the financial statements for the year ended 30 November 2024.

Director of the company

The director who held office during the year was as follows:

M P Wright

Small companies provision statement

This report has 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.

Approved and authorised by the director on 7 May 2025
 

.........................................
M P Wright
Director

 

M P Wright Ltd

(Registration number: 08757839)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

633,880

498,673

Current assets

 

Stocks

11,800

12,905

Debtors

5

46,017

49,047

Cash at bank and in hand

 

34,460

68,547

 

92,277

130,499

Creditors: Amounts falling due within one year

6

(95,887)

(91,249)

Net current (liabilities)/assets

 

(3,610)

39,250

Total assets less current liabilities

 

630,270

537,923

Creditors: Amounts falling due after more than one year

6

(175,793)

(184,746)

Provisions for liabilities

(103,383)

(76,833)

Net assets

 

351,094

276,344

Capital and reserves

 

Called up share capital

100

100

Retained earnings

350,994

276,244

Shareholders' funds

 

351,094

276,344

For the financial year ending 30 November 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the director on 7 May 2025
 

 

M P Wright Ltd

(Registration number: 08757839)
Balance Sheet as at 30 November 2024 (continued)

.........................................
M P Wright
Director

   
     
 

M P Wright Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 08757839.

The address of its registered office is:
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the director on 7 May 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.

The presentation currency is £ sterling.

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.

 

M P Wright Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

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.

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

Plant and machinery

15% reducing balance

Land and buildings

5% straight line basis

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

M P Wright Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 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 (including the director) during the year, was 4 (2023 - 4).

 

M P Wright Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2023

103,839

499

919,464

1,023,802

Additions

-

916

227,535

228,451

Disposals

-

-

(19,000)

(19,000)

At 30 November 2024

103,839

1,415

1,127,999

1,233,253

Depreciation

At 1 December 2023

9,706

499

514,924

525,129

Charge for the year

5,192

101

84,211

89,504

Eliminated on disposal

-

-

(15,260)

(15,260)

At 30 November 2024

14,898

600

583,875

599,373

Carrying amount

At 30 November 2024

88,941

815

544,124

633,880

At 30 November 2023

94,133

-

404,540

498,673

Included within the net book value of land and buildings above is £88,941 (2023 - £94,133) in respect of freehold land and buildings.
 

 

M P Wright Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

30,588

45,637

Prepayments

3,496

3,410

Other debtors

11,933

-

 

46,017

49,047

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

49,272

21,736

Trade creditors

 

10,319

4,551

Taxation and social security

 

1,322

26,859

Accruals and deferred income

 

3,213

6,966

Other creditors

 

31,761

31,137

 

95,887

91,249

Finance leases are secured against the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

62,253

29,119

Deferred income

 

4,044

4,758

Other creditors

 

109,496

150,869

 

175,793

184,746

Finance leases are secured against the assets to which they relate.
The coronavirus Bounce Back Loan is 100% government guaranteed.

 

M P Wright Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,400

9,400

Hire purchase contracts

39,872

12,336

49,272

21,736

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,697

14,097

Hire purchase contracts

57,556

15,022

62,253

29,119

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £16,000 (2023 - £20,000).