Registered number
07951375
MBP Ironmongery Solutions Ltd
Report and Accounts
31 October 2024
MBP Ironmongery Solutions Ltd
Registered number: 07951375
Directors' Report
The directors present their report and accounts for the year ended 31 October 2024.
Principal activities
The company's principal activity during the year continued to be a supplier of ironmongery products to the contruction industry.
Directors
The following persons served as directors during the year:
Mr M A Finney
Mr D T Finney
Mr P J McGuire - Resigned 24/06/2024
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 25 July 2025 and signed on its behalf.
M A Finney
Director
MBP Ironmongery Solutions Ltd
Profit and Loss Account
for the year ended 31 October 2024
2024 2023
£ £
Turnover 1,344,795 -
Cost of sales (973,579) -
Gross profit 371,216 -
Distribution costs (11,246) -
Administrative expenses (155,938) -
Operating profit 204,032 -
Profit before taxation 204,032 -
Tax on profit (51,008) -
Profit for the financial year 153,024 -
MBP Ironmongery Solutions Ltd
Registered number: 07951375
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 30,345 -
Current assets
Stocks 94,533 -
Debtors 4 416,835 -
Cash at bank and in hand 159,535 10
670,903 10
Creditors: amounts falling due within one year 5 (671,980) -
Net current (liabilities)/assets (1,077) 10
Total assets less current liabilities 29,268 10
Provisions for liabilities (1,234) -
Net assets 28,034 10
Capital and reserves
Called up share capital 10 10
Profit and loss account 28,024 -
Shareholders' funds 28,034 10
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 members have 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.
D T Finney
Director
Approved by the board on 25 July 2025
MBP Ironmongery Solutions Ltd
Statement of Changes in Equity
for the year ended 31 October 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 November 2022 10 - - - 10
At 31 October 2023 10 - - - 10
At 1 November 2023 10 - - - 10
Profit for the financial year 153,024 153,024
Dividends (125,000) (125,000)
At 31 October 2024 10 - - 28,024 28,034
MBP Ironmongery Solutions Ltd
Notes to the Accounts
for the year ended 31 October 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.
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 over 4 years
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 6 3
3 Tangible fixed assets
Motor vehicles
£
Cost
Additions 30,990
At 31 October 2024 30,990
Depreciation
Charge for the year 645
At 31 October 2024 645
Net book value
At 31 October 2024 30,345
4 Debtors 2024 2023
£ £
Trade debtors 415,035 -
Other debtors 1,800 -
416,835 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 272,190 -
Taxation and social security costs 98,171 -
Other creditors 301,619 -
671,980 -
6 Related party transactions
The following companies are related parties by virtue of being controlled by the directors of FSC Ltd, MA Finney,DT Finney, JW Vann and TP McGuire who controlled the issued share capital of each company by virtue of their own and their direct family members' shareholdings.
Sales Purchases Debtor Creditor
£ £ £ £
Year ended 31st October 2024
Door-Kit Solutions Ltd 17,820 2,748
Fire & Acoustic Seals Ltd 1,867 741 2,240 137
IBS Building Products Ltd 6,473 5,190
Joinery Specialists Ltd 9,950 468
Leeds Doors & Cubicles Ltd 6,290 988
Midlands Building Products Ltd 935,158 5,057 1,911
Manchester Doors & Cubicles 18,133 449
Rapidfit Ltd 927,347 272 303,547 327
Southern Doors & Cubicles 184,678 38,057
Specialist Joinery Products Ltd 13,139 1,294
Uk Doorsets Ltd 147,222 33,690
fsc 140,621 140,621
MBP property Management 2,700
7 Controlling party
The company is controlled by FSC Doors Ltd who owned 90% of the issued share capital.
8 Other information
MBP Ironmongery Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6/11 Spartan Industrial Centre
Brickhouse Lane
West Bromwich
England
B70 0DH
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