MPlant Limited 31/12/2019 iXBRL

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Company registration number: 06125501

MPlant Limited

Trading as Mplant Limited

Unaudited filleted financial statements

31 December 2019

MPlant Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

MPlant Limited

Directors and other information


	Directors	Mr W P Medlock
		Mr R D Williams


	Secretary	R D Williams


	Company number	06125501


	Registered office	Unit J10
		Swallows Park Industrial Estate
		Golden Cross
		East Sussex
		BN27 4EL


	Business address	Unit J10
		Swallows Park Industrial Estate
		Golden Cross
		East Sussex
		BN27 4EL




	Bankers	HSBC
		94 Terminus Road
		Eastbourne
		East Sussex
		BN21 3ND

MPlant Limited

Statement of financial position

31 December 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	4	800,000		717,458
		_______		_______
			800,000		717,458

Current assets
Stocks		50,000		-
Debtors	5	2,599		-
Cash at bank and in hand		302		223
		_______		_______
		52,901		223
Creditors: amounts falling due
within one year	6	( 1,064,595)		( 710,446)
		_______		_______
Net current liabilities			( 1,011,694)		( 710,223)
			_______		_______
Total assets less current liabilities			( 211,694)		7,235

			_______		_______
Net (liabilities)/assets			( 211,694)		7,235
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			( 211,794)		7,135
			_______		_______
Shareholders (deficit)/funds			( 211,694)		7,235
			_______		_______

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 October 2020 , and are signed on behalf of the board by:

Mr R D Williams

Director

Company registration number: 06125501

MPlant Limited

Notes to the financial statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wlaes. The address of the registered office is Unit J10, Swallows Park Industrial Estate, Golden Cross, East Sussex, BN27 4EL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to support the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Freehold property	Total
	£	£
Cost
At 1 January 2019	717,458	717,458
Additions	82,542	82,542
	_______	_______
At 31 December 2019	800,000	800,000
	_______	_______
Depreciation
At 1 January 2019 and 31 December 2019	-	-
	_______	_______
Carrying amount
At 31 December 2019	800,000	800,000
	_______	_______
At 31 December 2018	717,458	717,458
	_______	_______

5. Debtors

	2019	2018
	£	£
Other debtors	2,599	-
	_______	_______

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	764,759	427,500
Corporation tax	31,901	76,756
Social security and other taxes	-	10,827
Other creditors	267,935	195,363
	_______	_______
	1,064,595	710,446
	_______	_______

7. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr W P Medlock	( 4,620)	( 17,995)	( 22,615)
	Mr R D Williams	( 4,620)	( 24,411)	( 29,031)
		_______	_______	_______
		( 9,240)	( 42,406)	( 51,646)
		_______	_______	_______

2018
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr W P Medlock	-	( 4,620)	( 4,620)
	Mr R D Williams	-	( 4,620)	( 4,620)
		_______	_______	_______
		-	( 9,240)	( 9,240)
		_______	_______	_______

8. Controlling party

The company is under the control of the directors who own all the share capital of the company.

9. Related Party Transactions

During the year the company received management income of £NIL (2018: £163,196) from Medlock Dry Construction Limited, an associated Company. During the year Medlock Dry Construction Limited charged the company £300,000 (2018: £NIL) for construction Services and paid the company rent of £7,800 (2018: £7,800). At the year end the company owed Medlock Dry Construction Limited £201,289 (2017: £186,123).