MKR Assets Ltd - Period Ending 2020-05-31

MKR Assets Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4

MKR Assets Ltd

Company Information

Director

M Ryan

Company secretary

K Ryan

Registered office

Unit 4 Premier Court Kingsmill Way Mansfield Nottinghamshire NG18 5ER

Bankers

National Westminster Bank PLC 51 Market Place Long Eaton Nottingham NG10 1JP

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MKR Assets Ltd
for the Year Ended 31 May 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MKR Assets Ltd for the year ended 31 May 2020 as set out on pages 3 to 3 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/gb/en/
discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of MKR Assets Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MKR Assets Ltd and state those matters that we have agreed to state to the Board of Directors of MKR Assets Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/
technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.
html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MKR Assets Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MKR Assets Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MKR Assets Ltd. You consider that MKR Assets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MKR Assets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

....................................................................
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

26 November 2020

MKR Assets Ltd

(Registration number: 08586999)
Balance Sheet as at 31 May 2020

	2020 £	2019 £
Fixed assets	227,752	285,629
Current assets	40,688	23,426
Prepayments and accrued income	4,000	-
Creditors: Amounts falling due within one year	(87,894)	(130,167)
Net current liabilities	(43,206)	(106,741)
Total assets less current liabilities	184,546	178,888
Creditors: Amounts falling due after more than one year	(68,889)	(101,435)
Accruals and deferred income	-	(500)
	115,657	76,953
Capital and reserves	115,657	76,953

For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 November 2020
 

.........................................

M Ryan
Director

MKR Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020

1	General information

The address of the registered office is given in the company information on page 1 of the financial statements.

The company is a private company limited by share capital, incorporated in England.

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 105 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern
The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months. At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year. Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of shareholders and the Government support schemes. Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.

2	Related party transactions

At the balance sheet date the amounts owed to the director amounted to £20,627 (2019 - £32,748).

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

4 Non adjusting events after the financial period

Since the balance sheet date the company has received a bank loan under the Coronavirus Business Interruption Loan Scheme (CBILS) of £43,500. Under the terms of this loan, the government repayment term is 72 months after the loan is drawn.