| MH PANTRY LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Trademarks and associated costs are being amortised evenly over their estimated useful life of ten years. |
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Tangible fixed assets |
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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: |
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Computer Equipment |
33% Straight Line |
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Stocks |
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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. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice 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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Foreign currency translation |
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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. |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 January 2024 |
2,420 |
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At 31 December 2024 |
2,420 |
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Amortisation |
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At 1 January 2024 |
409 |
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Provided during the year |
242 |
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At 31 December 2024 |
651 |
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Net book value |
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At 31 December 2024 |
1,769 |
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At 31 December 2023 |
2,011 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 January 2024 |
2,021 |
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At 31 December 2024 |
2,021 |
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Depreciation |
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At 1 January 2024 |
56 |
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Charge for the year |
667 |
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At 31 December 2024 |
723 |
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Net book value |
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At 31 December 2024 |
1,298 |
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At 31 December 2023 |
1,965 |
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| As restated |
| 5 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
66,383 |
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53,852 |
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Other debtors |
9,868 |
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8,780 |
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76,251 |
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62,632 |
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| As restated |
| 6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
87,834 |
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27,603 |
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Taxation and social security costs |
2,608 |
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15,373 |
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Other creditors |
4,627 |
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9,006 |
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95,069 |
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51,982 |
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| 7 |
Taxation |
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The entity has trading losses carried forward of £416,485 (2023 - £348,279) to be utilised against future trading profits. |
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| 8 |
Related party transactions |
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At the reporting date the company owed the directors £2,727 (2023 - £5,333). The balance is interest free and repayable on demand. |
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| 9 |
Prior year adjustment |
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A prior period error has been identified regarding the posting of taxation relating to the repayment of R&D tax credits. The financial statements for the year ended 31 December 2023 included £14,379 Debtor in the Statement of Financial Position. Upon review, it is deemed that the balance should have been recorded as a creditor and therefore an adjustment has been made to reflect this. The net effect on shareholders’ funds is an decrease in reserves brought forward at 1 January 2024 of £28,758. The impact on the Statement of Comprehensive Income for the year ended 31 December 2023, is analysed as follows: An decrease in Tax on Loss of £26,883 An increase in the sundry expenses of £1,875 The Statement of Financial Position has been impacted as shown: A decrease in tax debtor (other debtors) of £14,379 A increase in tax creditor (creditors due within one year) of £12,504 A increase in other creditors (due within one year) of £1,875 |
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| 10 |
Other information |
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MH PANTRY LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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East Hole Farm East Hole Farm |
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Knowstone |
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South Molton |
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Devon |
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EX36 4RY |