MKW Surfaces Ltd
Registered number: 07995675
Statement of Financial Position
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,385 21,463
Current assets
Stocks 17,886 22,289
Debtors 4 49,736 51,499
Cash at bank and in hand 168,502 137,901
236,124 211,689
Creditors: amounts falling due within one year 5 (142,257) (132,473)
Net current assets 93,867 79,216
Total assets less current liabilities 110,252 100,679
Creditors: amounts falling due after more than one year 6 (14,484) (30,536)
Provisions for liabilities (3,113) (4,078)
Net assets 92,655 66,065
Capital and reserves
Called up share capital 100 100
Profit and loss account 92,555 65,965
Shareholder's funds 92,655 66,065
The director is 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 director acknowledges his 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 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.
Jesus Alberto Mouzo
Director
Approved by the board on 28 July 2025
MKW Surfaces Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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:
Plant and machinery 25% reducing balance
Inventories
Inventories 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, 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. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 45,067
Additions 384
At 31 December 2024 45,451
Depreciation
At 1 January 2024 23,604
Charge for the year 5,462
At 31 December 2024 29,066
Net book value
At 31 December 2024 16,385
At 31 December 2023 21,463
4 Debtors 2024 2023
£ £
Trade debtors 47,674 50,967
Prepayments 325 242
Other debtors 1,737 290
49,736 51,499
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,227 9,801
Obligations under finance lease and hire purchase contracts 5,399 5,618
Trade creditors 67,645 59,927
Accruals 18,391 22,207
Corporation tax 7,375 8,702
Other taxes and social security costs 15,137 9,567
Other creditors 18,083 16,651
142,257 132,473
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,586 15,239
Obligations under finance lease and hire purchase contracts 9,898 15,297
14,484 30,536
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Jesus Alberto Mouzo
Repayable on demand - 1,337 - 1,337
- 1,337 - 1,337
8 Other information
MKW Surfaces Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1670
Fergusson House
124 City Road
London
EC1V 2NX
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