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COMPANY REGISTRATION NUMBER: SC576708
MK Refrigeration and Air Conditioning Services Limited
Filleted Unaudited Financial Statements
30 September 2024
MK Refrigeration and Air Conditioning Services Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
MK Refrigeration and Air Conditioning Services Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of MK Refrigeration and Air Conditioning Services Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MK Refrigeration and Air Conditioning Services Limited for the year ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of MK Refrigeration and Air Conditioning Services Limited. Our work has been undertaken solely to prepare for your approval the financial statements of MK Refrigeration and Air Conditioning Services Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MK Refrigeration and Air Conditioning Services Limited and its director for our work or for this report.
It is your duty to ensure that MK Refrigeration and Air Conditioning Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MK Refrigeration and Air Conditioning Services Limited. You consider that MK Refrigeration and Air Conditioning Services 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 financial statements of MK Refrigeration and Air Conditioning Services 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 financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
13 June 2025
MK Refrigeration and Air Conditioning Services Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
33,302
16,016
Current assets
Stocks
43,485
19,665
Debtors
6
86,510
71,998
Cash at bank and in hand
9,565
22,124
---------
---------
139,560
113,787
Creditors: amounts falling due within one year
7
92,109
65,149
---------
---------
Net current assets
47,451
48,638
--------
--------
Total assets less current liabilities
80,753
64,654
Creditors: amounts falling due after more than one year
8
32,403
12,319
Provisions
3,660
3,043
--------
--------
Net assets
44,690
49,292
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
44,590
49,192
--------
--------
Shareholders funds
44,690
49,292
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MK Refrigeration and Air Conditioning Services Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
Mr M J Keane
Director
Company registration number: SC576708
MK Refrigeration and Air Conditioning Services Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
1,100
23,042
2,691
26,833
Additions
25,039
25,039
-------
--------
-------
--------
At 30 September 2024
1,100
48,081
2,691
51,872
-------
--------
-------
--------
Depreciation
At 1 October 2023
904
7,681
2,232
10,817
Charge for the year
49
7,245
459
7,753
-------
--------
-------
--------
At 30 September 2024
953
14,926
2,691
18,570
-------
--------
-------
--------
Carrying amount
At 30 September 2024
147
33,155
33,302
-------
--------
-------
--------
At 30 September 2023
196
15,361
459
16,016
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
59,609
45,197
Other debtors
26,901
26,801
--------
--------
86,510
71,998
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,000
2,000
Trade creditors
45,892
28,164
Accruals and deferred income
1,702
1,956
Corporation tax
21,709
19,731
Social security and other taxes
7,652
13,188
Obligations under finance leases and hire purchase contracts
4,011
Director loan accounts
76
110
Other creditors
9,067
--------
--------
92,109
65,149
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,059
12,319
Other creditors
22,344
--------
--------
32,403
12,319
--------
--------
9. Director's advances, credits and guarantees
As at 30th September 2024 the company owes Mr M J Keane , director, the sum of £75 (2023: £110).
10. Controlling party
The company was under the control of the director throughout the current and previous year .