MK Salvage Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09264427 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2021

for

MK Salvage Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

K H Brown

REGISTERED OFFICE:

555 Smithdown Road

Liverpool

Merseyside

L15 5AF

REGISTERED NUMBER:

09264427 (England and Wales)

ACCOUNTANTS:

Corbett & Co Accountants Ltd

Chartered Certified Accountants

555 Smithdown Road

Liverpool

Merseyside

L15 5AF

FIXED ASSETS

Property, plant and equipment

4

3,496

-

CURRENT ASSETS

Inventories

1,550

1,400

Debtors

5

6,148

4,148

Cash at bank and in hand

754

6,754

8,452

12,302

CREDITORS

Amounts falling due within one year

6

524

609

NET CURRENT ASSETS

7,928

11,693

TOTAL ASSETS LESS CURRENT LIABILITIES

11,424

11,693

CREDITORS

Amounts falling due after more than one year

7

18,877

20,000

NET LIABILITIES

(7,453

)

(8,307

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(7,553

)

(8,407

)

SHAREHOLDERS' FUNDS

(7,453

)

(8,307

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 July 2022 and were signed by:

K H Brown - Director

1.	STATUTORY INFORMATION

MK Salvage Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

Additions

4,661

At 31 October 2021

4,661

DEPRECIATION

Charge for year

1,165

At 31 October 2021

1,165

NET BOOK VALUE

At 31 October 2021

3,496

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Other debtors

6,148

4,148

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade creditors

62

147

Other creditors

462

462

524

609

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans

18,877

20,000

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K H Brown.