M N K ACCOUNTANTS LTD - Accounts

M N K ACCOUNTANTS LTD - Accounts

M N K ACCOUNTANTS LTD - Company Information

Print Friendly Version

Registered number
05565251
M N K ACCOUNTANTS LTD
Report and Accounts
31 October 2020
M N K ACCOUNTANTS LTD
Registered number: 05565251
Directors' Report
The directors present their report and accounts for the year ended 31 October 2020.
Principal activities
The company's principal activity during the year continued to be …
Directors
The following persons served as directors during the year:
[K. KHEIRY]
[A. MAGZOUB]
[Director 3]
[Director 4]
[Director 5]
[Director 6]
[Director 7]
[Director 8]
[Director 9]
Political donations
Third party indemnity provisions
Employment of disabled persons
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 21 June 2021 and signed on its behalf.
K. KHEIRY, A. MAGZOUB
0
Director
M N K ACCOUNTANTS LTD
Accountants' Report
Accountants' report to the directors of
M N K ACCOUNTANTS LTD
You consider that the company is exempt from an audit for the year ended 31 October 2020. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
MNK Accountant
Accountants
62 Camden Road
Camden Town
London
NW1 9DR
21 June 2021
M N K ACCOUNTANTS LTD
Profit and Loss Account
for the year ended 31 October 2020
2020
£
Turnover9,170
Cost of sales-
Gross profit9,170
Distribution costs-
Administrative expenses(12,550)
Other operating income-
Operating loss(3,380)
Profit on the disposal of tangible fixed assets-
Profit on the disposal of investments-
Gain on revaluation of investments-
Income from investments-
Interest receivable-
Interest payable-
Loss before taxation(3,380)
Tax on loss-
Loss for the financial year(3,380)
M N K ACCOUNTANTS LTD
Registered number:05565251
Balance Sheet
as at 31 October 2020
Notes2020
£
Fixed assets
Intangible assets4-
Tangible assets5-
Investments6-
-
Current assets
Stocks-
Debtors7-
Investments held as current assets8-
Cash at bank and in hand2,064
2,064
Creditors: amounts falling due within one year9(209,189)
Net current liabilities(207,125)
Total assets less current liabilities(207,125)
Creditors: amounts falling due after more than one year10-
Provisions for liabilities-
Net liabilities(207,125)
Capital and reserves
Called up share capital-
Share premium-
Revaluation reserve12-
Profit and loss account(207,125)
Shareholders' funds(207,125)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered 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.
K. KHEIRY, A. MAGZOUB
Director
Approved by the board on 21 June 2021
M N K ACCOUNTANTS LTD
Notes to the Accounts
for the year ended 31 October 2020
1Accounting policies
Basis of preparation
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).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildingsover 50 years
Leasehold land and buildingsover the lease term
Plant and machineryover 5 years
Fixtures, fittings, tools and equipmentover 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
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.
Debtors
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.
Creditors
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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
Contributions to defined contribution plans are expensed in the period to which they relate.
2Exceptional items2020
£
-
3Employees2020
Number
Average number of persons employed by the company1
4Intangible fixed assets£
Goodwill:
Cost
At 1 November 2019-
Additions-
Disposals-
At 31 October 2020-
Amortisation
At 1 November 2019-
Provided during the year-
On disposals-
At 31 October 2020-
Net book value
At 31 October 2020-
At 31 October 2019-
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5Tangible fixed assets
Land and buildingsPlant and machinery etcMotor vehiclesTotal
£ £ £ £
Cost
At 1 November 2019- - - -
Additions- - - -
Surplus on revaluation- - - -
Disposals- - - -
At 31 October 2020- - - -
Depreciation
At 1 November 2019- - - -
Charge for the year- - - -
Surplus on revaluation- - - -
On disposals- - - -
At 31 October 2020- - - -
Net book value
At 31 October 2020- - - -
At 31 October 2019- - - -
Freehold land and buildings:2020
£
Historical cost-
Cumulative depreciation based on historical cost-
-
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6Investments
Investments in
subsidiaryOther
undertakingsinvestmentsTotal
£ £ £
Cost
At 1 November 2019- - -
Additions- - -
Revaluation- - -
Disposals- - -
At 31 October 2020- - -
Historical cost
At 1 November 2019- -
At 31 October 2020- -
[For revalued investments, see FRS 102 paragraphs 1AC.15, 1AC.22 and 1AC.23 for disclosures]
7Debtors2020
£
Trade debtors-
Amounts owed by group undertakings and undertakings in which the company has a participating interest-
Deferred tax asset-
Other debtors-
-
Amounts due after more than one year included above-
8Investments held as current assets2020
£
Fair value
Listed investments-
Unlisted investments-
-
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments-
Unlisted investments-
-
[For revalued investments, see FRS 102 paragraphs 1AC.22 and 1AC.23 for disclosures]
9Creditors: amounts falling due within one year2020
£
Non-equity preference shares-
Bank loans and overdrafts-
Obligations under finance lease and hire purchase contracts-
Trade creditors-
Amounts owed to group undertakings and undertakings in which the company has a participating interest-
Taxation and social security costs(33,546)
Other creditors242,735
209,189
10Creditors: amounts falling due after one year2020
£
Non-equity preference shares-
Bank loans-
Obligations under finance lease and hire purchase contracts-
Trade creditors-
Amounts owed to group undertakings and undertakings in which the company has a participating interest-
Other creditors-
-
11Loans2020
£
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years-
Instalments falling due for payment after more than five years-
-
Secured bank loans-
[Give an indication of the nature and form of the security for the bank loans]
12Revaluation reserve2020
£
At 1 November 2019-
Gain on revaluation of land and buildings-
Deferred taxation arising on the revaluation of land and buildings-
At 31 October 2020-
13Events after the reporting date
14Capital commitments2020
£
Amounts contracted for but not provided in the accounts-
15Pension commitments
16Other financial commitments2020
£
Total future minimum payments under non-cancellable operating leases-
17Contingent liabilities
18Off-balance sheet arrangements
19Loans to directors
Description and conditionsB/fwdPaidRepaidC/fwd
£ £ £ £
[K. KHEIRY]
[Loan 1]- - - -
[Loan 2]- - - -
[A. MAGZOUB]
[Loan 1]- - - -
[Loan 2]- - - -
[Director 3]
[Loan 1]- - - -
[Loan 2]- - - -
[Director 4]
[Loan 1]- - - -
[Loan 2]- - - -
[Director 5]
[Loan 1]- - - -
[Loan 2]- - - -
[Director 6]
[Loan 1]- - - -
[Loan 2]- - - -
[Director 7]
[Loan 1]- - - -
[Loan 2]- - - -
[Director 8]
[Loan 1]- - - -
[Loan 2]- - - -
[Director 9]
[Loan 1]- - - -
[Loan 2]- - - -
- - - -
20Guarantees made by the company on behalf of directors
Main termsMaximumAmount paid
liabilityand incurred
£ £
[K. KHEIRY]
[Guarantee 1]- -
[Guarantee 2]- -
[A. MAGZOUB]
[Guarantee 1]- -
[Guarantee 2]- -
[Director 3]
[Guarantee 1]- -
[Guarantee 2]- -
[Director 4]
[Guarantee 1]- -
[Guarantee 2]- -
[Director 5]
[Guarantee 1]- -
[Guarantee 2]- -
[Director 6]
[Guarantee 1]- -
[Guarantee 2]- -
[Director 7]
[Guarantee 1]- -
[Guarantee 2]- -
[Director 8]
[Guarantee 1]- -
[Guarantee 2]- -
[Director 9]
[Guarantee 1]- -
[Guarantee 2]- -
- -
21Related party transactions
22Controlling party
23Other information
M N K ACCOUNTANTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
62 Camden Road
Camden Town
London
NW1 9DR
M N K ACCOUNTANTS LTD
Detailed profit and loss account
for the year ended 31 October 2020
This schedule does not form part of the statutory accounts
2020
£
Sales9,170
Cost of sales-
Gross profit9,170
Distribution costs-
Administrative expenses(12,550)
Other operating income-
Operating loss(3,380)
Profit on the disposal of tangible fixed assets-
Profit on the disposal of investments-
Gain on revaluation of investments-
Income from investments-
Interest receivable-
Interest payable-
Loss before tax(3,380)
M N K ACCOUNTANTS LTD
Detailed profit and loss account
for the year ended 31 October 2020
This schedule does not form part of the statutory accounts
2020
£
Sales
Sales
9,170
9,170
Cost of sales
Purchases-
Decrease in stocks-
Subcontractor costs-
Direct labour-
Carriage-
Discounts allowed-
Commissions payable-
Other direct costs-
-
Distribution costs
Distribution costs-
-
Administrative expenses
Employee costs:
Wages and salaries-
Directors' salaries-
Pensions-
Bonuses-
Employer's NI-
Temporary staff and recruitment-
Staff training and welfare-
Travel and subsistence
2,047
Motor expenses
139
Entertaining
54
2,240
Premises costs:
Rent-
Rates-
Service charges-
Light and heat
135
Cleaning-
Use of home-
135
General administrative expenses:
Telephone and internet-
Postage-
Stationery and printing
1,721
Courier services-
Information and publications-
Subscriptions
332
Bank charges
609
Insurance-
Equipment expensed-
Equipment hire-
Software-
Repairs and maintenance-
Depreciation-
Amortisation of goodwill-
Bad debts-
Sundry expenses
386
3,048
Legal and professional costs:
Audit fees-
Accountancy fees
3,000
Solicitors fees-
Consultancy fees
4,089
Management fees-
Advertising and PR-
Other legal and professional
38
7,127
12,550
Other operating income
Other operating income-
-
M N K ACCOUNTANTS LTD05565251false2019-11-012020-10-312020-10-31VT Final AccountsMarch 2021 (final release)K. KHEIRY, A. MAGZOUB0055652512019-11-012020-10-3105565251bus:EntityHasNeverTraded2019-11-012020-10-3105565251bus:PrivateLimitedCompanyLtd2019-11-012020-10-3105565251bus:AuditExemptWithAccountantsReport2019-11-012020-10-3105565251bus:Director12019-11-012020-10-3105565251bus:Director22019-11-012020-10-3105565251bus:Director32019-11-012020-10-3105565251bus:Director42019-11-012020-10-3105565251bus:Director52019-11-012020-10-3105565251bus:Director62019-11-012020-10-3105565251bus:Director72019-11-012020-10-3105565251bus:Director82019-11-012020-10-3105565251bus:Director92019-11-012020-10-3105565251bus:Director402019-11-012020-10-3105565251bus:CompanySecretary12019-11-012020-10-310556525112019-11-012020-10-310556525112019-11-012020-10-310556525122019-11-012020-10-3105565251core:Goodwill2019-11-012020-10-3105565251core:LandBuildings2019-11-012020-10-3105565251core:PlantMachinery2019-11-012020-10-3105565251core:Vehicles2019-11-012020-10-3105565251core:RevaluationReservecore:LandBuildings2019-11-012020-10-3105565251core:RevaluationReserve2019-11-012020-10-3105565251bus:Director112019-11-012020-10-3105565251bus:Director122019-11-012020-10-3105565251bus:Director212019-11-012020-10-3105565251bus:Director222019-11-012020-10-3105565251bus:Director312019-11-012020-10-3105565251bus:Director322019-11-012020-10-3105565251bus:Director412019-11-012020-10-3105565251bus:Director422019-11-012020-10-3105565251bus:Director512019-11-012020-10-3105565251bus:Director522019-11-012020-10-3105565251bus:Director612019-11-012020-10-3105565251bus:Director622019-11-012020-10-3105565251bus:Director712019-11-012020-10-3105565251bus:Director722019-11-012020-10-3105565251bus:Director812019-11-012020-10-3105565251bus:Director822019-11-012020-10-3105565251bus:Director912019-11-012020-10-3105565251bus:Director922019-11-012020-10-3105565251bus:Director112019-11-012020-10-3105565251bus:Director122019-11-012020-10-3105565251bus:Director212019-11-012020-10-3105565251bus:Director222019-11-012020-10-3105565251bus:Director312019-11-012020-10-3105565251bus:Director322019-11-012020-10-3105565251bus:Director412019-11-012020-10-3105565251bus:Director422019-11-012020-10-3105565251bus:Director512019-11-012020-10-3105565251bus:Director522019-11-012020-10-3105565251bus:Director612019-11-012020-10-3105565251bus:Director622019-11-012020-10-3105565251bus:Director712019-11-012020-10-3105565251bus:Director722019-11-012020-10-3105565251bus:Director812019-11-012020-10-3105565251bus:Director822019-11-012020-10-3105565251bus:Director912019-11-012020-10-3105565251bus:Director922019-11-012020-10-3105565251countries:England2019-11-012020-10-3105565251bus:FRS1022019-11-012020-10-3105565251bus:FullAccounts2019-11-012020-10-31055652512020-10-3105565251core:WithinOneYear2020-10-3105565251core:AfterOneYear2020-10-3105565251core:ShareCapital2020-10-3105565251core:SharePremium2020-10-3105565251core:OtherReservesSubtotal2020-10-3105565251core:RetainedEarningsAccumulatedLosses2020-10-3105565251core:Goodwill2020-10-3105565251core:LandBuildings2020-10-3105565251core:PlantMachinery2020-10-3105565251core:Vehicles2020-10-3105565251core:AdditionsToInvestments2020-10-3105565251core:RevaluationsIncreaseDecreaseInInvestments2020-10-3105565251core:DisposalsRepaymentsInvestments2020-10-3105565251core:MoreThanFiveYears2020-10-3105565251core:RevaluationReserve2020-10-3105565251core:AllPeriods2020-10-3105565251bus:Director112020-10-3105565251bus:Director122020-10-3105565251bus:Director212020-10-3105565251bus:Director222020-10-3105565251bus:Director312020-10-3105565251bus:Director322020-10-3105565251bus:Director412020-10-3105565251bus:Director422020-10-3105565251bus:Director512020-10-3105565251bus:Director522020-10-3105565251bus:Director612020-10-3105565251bus:Director622020-10-3105565251bus:Director712020-10-3105565251bus:Director722020-10-3105565251bus:Director812020-10-3105565251bus:Director822020-10-3105565251bus:Director912020-10-3105565251bus:Director922020-10-31055652512019-10-3105565251core:Goodwill2019-10-3105565251core:LandBuildings2019-10-3105565251core:PlantMachinery2019-10-3105565251core:Vehicles2019-10-3105565251core:RevaluationReserve2019-10-3105565251bus:Director112019-10-3105565251bus:Director122019-10-3105565251bus:Director212019-10-3105565251bus:Director222019-10-3105565251bus:Director312019-10-3105565251bus:Director322019-10-3105565251bus:Director412019-10-3105565251bus:Director422019-10-3105565251bus:Director512019-10-3105565251bus:Director522019-10-3105565251bus:Director612019-10-3105565251bus:Director622019-10-3105565251bus:Director712019-10-3105565251bus:Director722019-10-3105565251bus:Director812019-10-3105565251bus:Director822019-10-3105565251bus:Director912019-10-3105565251bus:Director922019-10-31iso4217:GBPxbrli:pure