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Registered number: 13773514
M P Reed Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
LJT Accountancy Services
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13773514
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 45,871 33,599
45,871 33,599
CURRENT ASSETS
Debtors 5 50,847 18,703
Cash at bank and in hand 5,072 13,703
55,919 32,406
Creditors: Amounts Falling Due Within One Year 6 (59,992 ) (61,124 )
NET CURRENT ASSETS (LIABILITIES) (4,073 ) (28,718 )
TOTAL ASSETS LESS CURRENT LIABILITIES 41,798 4,881
Creditors: Amounts Falling Due After More Than One Year 7 (17,860 ) 8,638
NET ASSETS 23,938 13,519
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 23,838 13,419
SHAREHOLDERS' FUNDS 23,938 13,519
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Michael Reed
Director
7 August 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
M P Reed Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13773514 . The registered office is 124 Church Way, Pagham, Bognor Regis, West Sussex, PO21 4RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 20%
Motor Vehicles 5 Years
Computer Equipment 3 Years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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 profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 13,835 27,650 3,755 45,240
Additions 878 29,344 117 30,339
As at 30 November 2024 14,713 56,994 3,872 75,579
Depreciation
As at 1 December 2023 4,185 5,370 2,086 11,641
Provided during the period 2,361 14,454 1,252 18,067
As at 30 November 2024 6,546 19,824 3,338 29,708
Net Book Value
As at 30 November 2024 8,167 37,170 534 45,871
As at 1 December 2023 9,650 22,280 1,669 33,599
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 49,248 18,099
Other debtors 190 604
Director's loan account 1,409 -
50,847 18,703
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 52,340 23,497
Other taxes and social security 1,535 2,896
VAT 4,200 12,659
Other creditors 1,167 1,703
Accruals and deferred income 750 600
Director's loan account - 19,769
59,992 61,124
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,860 -
Cumulative preference share dividends unpaid - (8,638 )
17,860 (8,638 )
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than five years 17,860 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Michael Reed - - - - 1,409
The above loan is unsecured, interest free and repayable on demand.
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 7,048 -
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