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Registered number: 07878357
MK Worldwide Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07878357
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 24,649 15,692
24,649 15,692
CURRENT ASSETS
Debtors 5 423,967 192,870
Cash at bank and in hand 222,529 369,812
646,496 562,682
Creditors: Amounts Falling Due Within One Year 6 (256,934 ) (224,787 )
NET CURRENT ASSETS (LIABILITIES) 389,562 337,895
TOTAL ASSETS LESS CURRENT LIABILITIES 414,211 353,587
Creditors: Amounts Falling Due After More Than One Year 7 (137,693 ) (119,399 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 - (564 )
NET ASSETS 276,518 233,624
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 276,517 233,623
SHAREHOLDERS' FUNDS 276,518 233,624
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Marina Katsarova
Director
14 July 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MK Worldwide Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07878357 . The registered office is Unit 10 A,B, Knowl Piece Business Centre, Wilbury Way, Hitchin, SG4 0TY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 49 (2023: 38)
49 38
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 1,955 21,910 4,186 5,243 33,294
Additions - 19,470 914 569 20,953
Disposals - (4,000 ) - - (4,000 )
As at 31 December 2024 1,955 37,380 5,100 5,812 50,247
Depreciation
As at 1 January 2024 489 12,336 2,017 2,760 17,602
Provided during the period 366 6,773 771 1,361 9,271
Disposals - (1,275 ) - - (1,275 )
As at 31 December 2024 855 17,834 2,788 4,121 25,598
Net Book Value
As at 31 December 2024 1,100 19,546 2,312 1,691 24,649
As at 1 January 2024 1,466 9,574 2,169 2,483 15,692
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 19,470 -
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 204,331 135,679
Other debtors 219,460 57,191
Deferred tax current asset 176 -
423,967 192,870
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Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,938 -
Trade creditors 3,759 1,802
Bank loans and overdrafts 16,431 23,496
Corporation tax 22,691 26,287
Other taxes and social security 65,245 46,199
Other creditors 10,113 9,377
Other creditors - Pension liabilities 1,418 1,903
Accruals and deferred income 132,182 102,654
Director's loan account 2,157 13,069
256,934 224,787
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,721 -
Bank loans 125,972 119,399
137,693 119,399
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,938 -
Later than one year and not later than five years 11,721 -
14,659 -
14,659 -
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences (176) 564
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 2,402 16,471
2,402 16,471
12. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,417 (PY £1,903) were due to the fund. They are included in Other Creditors.
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