MK Automotive Ltd

MK AUTOMOTIVE LIMITED - Company Information

2022-01-012022-12-312022-12-31false10491477MK Automotive Ltd2023-06-0629100iso4217:GBPxbrli:pure104914772022-01-01104914772022-12-31104914772022-01-012022-12-31104914772021-01-01104914772021-12-31104914772021-01-012021-12-3110491477bus:SmallEntities2022-01-012022-12-3110491477bus:AuditExempt-NoAccountantsReport2022-01-012022-12-3110491477bus:FullAccounts2022-01-012022-12-3110491477bus:PrivateLimitedCompanyLtd2022-01-012022-12-3110491477core:WithinOneYear2022-12-3110491477core:AfterOneYear2022-12-3110491477core:WithinOneYear2021-12-3110491477core:AfterOneYear2021-12-3110491477core:ShareCapital2022-12-3110491477core:SharePremium2022-12-3110491477core:RevaluationReserve2022-12-3110491477core:OtherReservesSubtotal2022-12-3110491477core:RetainedEarningsAccumulatedLosses2022-12-3110491477core:ShareCapital2021-12-3110491477core:SharePremium2021-12-3110491477core:RevaluationReserve2021-12-3110491477core:OtherReservesSubtotal2021-12-3110491477core:RetainedEarningsAccumulatedLosses2021-12-3110491477core:LandBuildings2022-12-3110491477core:PlantMachinery2022-12-3110491477core:Vehicles2022-12-3110491477core:FurnitureFittings2022-12-3110491477core:OfficeEquipment2022-12-3110491477core:NetGoodwill2022-12-3110491477core:IntangibleAssetsOtherThanGoodwill2022-12-3110491477core:ListedExchangeTraded2022-12-3110491477core:UnlistedNon-exchangeTraded2022-12-3110491477core:LandBuildings2021-12-3110491477core:PlantMachinery2021-12-3110491477core:Vehicles2021-12-3110491477core:FurnitureFittings2021-12-3110491477core:OfficeEquipment2021-12-3110491477core:NetGoodwill2021-12-3110491477core:IntangibleAssetsOtherThanGoodwill2021-12-3110491477core:ListedExchangeTraded2021-12-3110491477core:UnlistedNon-exchangeTraded2021-12-3110491477core:LandBuildings2022-01-012022-12-3110491477core:PlantMachinery2022-01-012022-12-3110491477core:Vehicles2022-01-012022-12-3110491477core:FurnitureFittings2022-01-012022-12-3110491477core:OfficeEquipment2022-01-012022-12-3110491477core:NetGoodwill2022-01-012022-12-3110491477core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110491477core:ListedExchangeTraded2022-01-012022-12-3110491477core:UnlistedNon-exchangeTraded2022-01-012022-12-3110491477core:MoreThanFiveYears2022-01-012022-12-3110491477core:Non-currentFinancialInstruments2022-12-3110491477core:Non-currentFinancialInstruments2021-12-3110491477dpl:CostSales2022-01-012022-12-3110491477dpl:DistributionCosts2022-01-012022-12-3110491477dpl:AdministrativeExpenses2022-01-012022-12-3110491477core:LandBuildings2022-01-012022-12-3110491477core:PlantMachinery2022-01-012022-12-3110491477core:Vehicles2022-01-012022-12-3110491477core:FurnitureFittings2022-01-012022-12-3110491477core:OfficeEquipment2022-01-012022-12-3110491477core:NetGoodwill2022-01-012022-12-3110491477core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110491477dpl:GroupUndertakings2022-01-012022-12-3110491477dpl:ParticipatingInterests2022-01-012022-12-3110491477dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3110491477core:ListedExchangeTraded2022-01-012022-12-3110491477dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3110491477core:UnlistedNon-exchangeTraded2022-01-012022-12-3110491477dpl:CostSales2021-01-012021-12-3110491477dpl:DistributionCosts2021-01-012021-12-3110491477dpl:AdministrativeExpenses2021-01-012021-12-3110491477core:LandBuildings2021-01-012021-12-3110491477core:PlantMachinery2021-01-012021-12-3110491477core:Vehicles2021-01-012021-12-3110491477core:FurnitureFittings2021-01-012021-12-3110491477core:OfficeEquipment2021-01-012021-12-3110491477core:NetGoodwill2021-01-012021-12-3110491477core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3110491477dpl:GroupUndertakings2021-01-012021-12-3110491477dpl:ParticipatingInterests2021-01-012021-12-3110491477dpl:GroupUndertakingscore:ListedExchangeTraded2021-01-012021-12-3110491477core:ListedExchangeTraded2021-01-012021-12-3110491477dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-01-012021-12-3110491477core:UnlistedNon-exchangeTraded2021-01-012021-12-3110491477core:NetGoodwill2022-12-3110491477core:IntangibleAssetsOtherThanGoodwill2022-12-3110491477core:LandBuildings2022-12-3110491477core:PlantMachinery2022-12-3110491477core:Vehicles2022-12-3110491477core:FurnitureFittings2022-12-3110491477core:OfficeEquipment2022-12-3110491477core:AfterOneYear2022-12-3110491477core:WithinOneYear2022-12-3110491477core:ListedExchangeTraded2022-12-3110491477core:UnlistedNon-exchangeTraded2022-12-3110491477core:ShareCapital2022-12-3110491477core:SharePremium2022-12-3110491477core:RevaluationReserve2022-12-3110491477core:OtherReservesSubtotal2022-12-3110491477core:RetainedEarningsAccumulatedLosses2022-12-3110491477core:NetGoodwill2021-12-3110491477core:IntangibleAssetsOtherThanGoodwill2021-12-3110491477core:LandBuildings2021-12-3110491477core:PlantMachinery2021-12-3110491477core:Vehicles2021-12-3110491477core:FurnitureFittings2021-12-3110491477core:OfficeEquipment2021-12-3110491477core:AfterOneYear2021-12-3110491477core:WithinOneYear2021-12-3110491477core:ListedExc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MK Automotive Ltd

Registered Number
10491477
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

MK Automotive Ltd

Company Information
for the year from 1 January 2022 to 31 December 2022


Directors	Mr S Smith
	Mr N Barker
	Mrs CL Barker


Registered Address	Unit 5 Kestrel Park
	Finch Drive, Springwood Ind Est
	Braintree
	CM7 2SF


Registered Number	10491477 (England and Wales)

MK Automotive Ltd

Balance Sheet as at
31 December 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	6		51,125		35,170
			51,125		35,170
Current assets
Stocks	8	206,890		115,198
Debtors	9	296,202		358,725
Cash at bank and on hand		46,537		67,194
		549,629		541,117
Creditors amounts falling due within one year	10	(214,856)		(196,702)
Net current assets (liabilities)			334,773		344,415
Total assets less current liabilities			385,898		379,585
Creditors amounts falling due after one year	11		(24,167)		(34,167)
Provisions for liabilities	12		(12,822)		-
Net assets			348,909		345,418
Capital and reserves
Called up share capital			100		100
Profit and loss account			348,809		345,318
Shareholders' funds			348,909		345,418

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 6 June 2023, and are signed on its behalf by:

Mr N Barker
Director
Registered Company No. 10491477

MK Automotive Ltd

Notes to the Financial Statements
for the year ended 31 December 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	10
Plant and machinery	25	-
Vehicles	25	-
Office Equipment	25	-

	Intangible assets policy
	Goodwill, being the amount paid in connection with the acquisition of business in 2017, has been amortised evenly over its estimated useful life of five years.

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	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.

Revenue recognition policy

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.

	Deferred tax policy
	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.

Deferred tax policy

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.

4.	Employee information


		2022		2021
	Average number of employees during the year	3		3

5.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 January 22	8,800	8,800
Disposals	(8,800)	(8,800)
Amortisation and impairment
At 01 January 22	8,800	8,800
On disposals	(8,800)	(8,800)
Net book value
At 31 December 22	-	-
At 31 December 21	-	-

6.	Property, plant and equipment

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 22	47,402	16,300	4,875	68,577
Additions	20,517	7,500	417	28,434
At 31 December 22	67,919	23,800	5,292	97,011
Depreciation and impairment
At 01 January 22	22,551	8,269	2,587	33,407
Charge for year	8,454	3,414	611	12,479
At 31 December 22	31,005	11,683	3,198	45,886
Net book value
At 31 December 22	36,914	12,117	2,094	51,125
At 31 December 21	24,851	8,031	2,288	35,170

7.	Directors advances, credits and guarantees
	During the year the following advances and credits were made to directors, advances £632 (2021 £625) credits £51,526 (2021 £12,179), year end balance (£89,832) (2021 (£38,938)).No interest has been charged on the loan.

8.	Stocks

	2022	2021
	£	£
Raw materials and consumables	206,890	115,198
Total	206,890	115,198

9.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	244,952	328,883
Other debtors	28,564	21,125
Prepayments and accrued income	22,686	8,717
Total	296,202	358,725

10.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	66,935	67,051
Bank borrowings and overdrafts	31,819	34,837
Taxation and social security	26,269	48,740
Other creditors	89,833	38,938
Accrued liabilities and deferred income	-	7,136
Total	214,856	196,702


	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.

11.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	24,167	34,167
Total	24,167	34,167

12.	Provisions for liabilities

	2022	2021
	£	£
Net deferred tax liability (asset)	12,822	-
Total	12,822	-