Manchester Plant Training Limited 31/01/2022 iXBRL

Manchester Plant Training Limited 31/01/2022 iXBRL

MANCHESTER PLANT TRAINING LIMITED - Company Information

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Company registration number: 12422588
Manchester Plant Training Limited
Unaudited filleted financial statements
31 January 2022
Manchester Plant Training Limited
Contents
Statement of financial position
Notes to the financial statements
Manchester Plant Training Limited
Statement of financial position
31 January 2022
31/01/22 31/01/21
Note £ £ £ £
Fixed assets
Tangible assets 6 40,981 48,212
_______ _______
40,981 48,212
Current assets
Debtors 7 55,120 47,922
Cash at bank and in hand 19,314 8,473
_______ _______
74,434 56,395
Creditors: amounts falling due
within one year 8 ( 68,968) ( 31,115)
_______ _______
Net current assets 5,466 25,280
_______ _______
Total assets less current liabilities 46,447 73,492
Provisions for liabilities ( 7,786) ( 9,160)
_______ _______
Net assets 38,661 64,332
_______ _______
Capital and reserves
Called up share capital 150 150
Profit and loss account 38,511 64,182
_______ _______
Shareholders funds 38,661 64,332
_______ _______
For the year ending 31 January 2022 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 27 June 2022 , and are signed on behalf of the board by:
Mrs J Winward
Director
Company registration number: 12422588
Manchester Plant Training Limited
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 28 Laburnum Avenue, Failsworth, Manchester, M35 0NQ.
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.
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Plant and machinery - 15 % reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 6 (2021: 1 ).
The aggregate payroll costs incurred during the year were:
Year Period
ended ended
31/01/22 31/01/21
£ £
Wages and salaries 116,111 -
Other pension costs 3,669 -
_______ _______
119,780 -
_______ _______
5. Dividends
Equity dividends
Year Period
ended ended
31/01/22 31/01/21
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior period) 82,500 30,000
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 February 2021 and 31 January 2022 50,750 50,750
_______ _______
Depreciation
At 1 February 2021 2,538 2,538
Charge for the year 7,231 7,231
_______ _______
At 31 January 2022 9,769 9,769
_______ _______
Carrying amount
At 31 January 2022 40,981 40,981
_______ _______
At 31 January 2021 48,212 48,212
_______ _______
7. Debtors
31/01/22 31/01/21
£ £
Trade debtors 53,473 47,922
Other debtors 1,647 -
_______ _______
55,120 47,922
_______ _______
8. Creditors: amounts falling due within one year
31/01/22 31/01/21
£ £
Trade creditors 11,414 11,265
Corporation tax 25,018 12,932
Social security and other taxes 29,815 6,688
Other creditors 2,721 230
_______ _______
68,968 31,115
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31/01/22 31/01/21
£ £
Included in provisions (note ) 7,786 9,160
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/01/22 31/01/21
£ £
Accelerated capital allowances 7,786 9,160
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31/01/22
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs J Winward ( 230) ( 802) ( 1,032)
Mr S Winward - ( 1,033) ( 1,033)
Mr C Winward - ( 656) ( 656)
_______ _______ _______
( 230) ( 2,491) ( 2,721)
_______ _______ _______
Period ended 31/01/21
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs J Winward - ( 230) ( 230)
Mr S Winward - - -
Mr C Winward - - -
_______ _______ _______