1 April 2021 v2022.13.1 limited_company_frs_102_section_1a_v1_0_8 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00truexbrli:purexbrli:sharesiso4217:GBP089515942021-04-012022-03-31089515942022-03-31089515942021-03-3108951594core:WithinOneYear2022-03-3108951594core:WithinOneYear2021-03-3108951594core:AfterOneYear2022-03-3108951594core:AfterOneYear2021-03-3108951594core:ShareCapital2022-03-3108951594core:ShareCapital2021-03-3108951594core:RetainedEarningsAccumulatedLosses2022-03-3108951594core:RetainedEarningsAccumulatedLosses2021-03-3108951594bus:Director12021-04-012022-03-3108951594bus:RegisteredOffice2021-04-012022-03-3108951594core:OfficeEquipment2021-04-012022-03-3108951594core:LandBuildings2021-04-0108951594core:PlantMachinery2021-04-01089515942021-04-0108951594core:LandBuildings2021-04-012022-03-3108951594core:LandBuildings2022-03-3108951594core:PlantMachinery2022-03-3108951594core:PlantMachinery2021-04-012022-03-3108951594core:LandBuildings2021-03-3108951594core:PlantMachinery2021-03-310895159412021-04-012022-03-31089515942020-04-012021-03-3108951594countries:EnglandWales2021-04-012022-03-3108951594bus:AuditExemptWithAccountantsReport2021-04-012022-03-3108951594bus:PrivateLimitedCompanyLtd2021-04-012022-03-3108951594bus:SmallEntities2021-04-012022-03-3108951594bus:FullAccounts2021-04-012022-03-31
Company registration number:
08951594
MBTS Associates Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2022
MBTS Associates Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of MBTS Associates Limited
Year ended
31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
MBTS Associates Limited
for the year ended
31 March 2022
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
MBTS Associates Limited
, as a body, in accordance with the terms of our engagement letter dated 24 May 2019. Our work has been undertaken solely to prepare for your approval the
financial statements
of
MBTS Associates Limited
and state those matters that we have agreed to state to the Board of Directors of
MBTS Associates Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
MBTS Associates Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
MBTS Associates Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
MBTS Associates Limited
. You consider that
MBTS Associates Limited
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 financial statements of MBTS Associates Limited. 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 financial statements.
A&C Chartered Accountants
Marsland Chambers
1a Marsland Road
Sale Moor
Cheshire
M33 3HP
United Kingdom
MBTS Associates Limited
Statement of Financial Position
31 March 2022
20222021
Note££
Fixed assets    
Tangible assets 5
357,482
 
317,832
 
Current assets    
Debtors 6
59
 
371
 
Cash at bank and in hand
7,007
 
5,678
 
7,066
 
6,049
 
Creditors: amounts falling due within one year 7
(190,330
)
(187,706
)
Net current liabilities
(183,264
)
(181,657
)
Total assets less current liabilities 174,218   136,175  
Creditors: amounts falling due after more than one year 8
(30,000
)
(40,000
)
Provisions for liabilities
(38
)
(50
)
Net assets
144,180
 
96,125
 
Capital and reserves    
Called up share capital
101
 
101
 
Profit and loss account
144,079
 
96,024
 
Shareholders funds
144,180
 
96,125
 
For the year ending
31 March 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
14 September 2022
, and are signed on behalf of the board by:
M Rogerson
Director
Company registration number:
08951594
MBTS Associates Limited
Notes to the Financial Statements
Year ended
31 March 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Marsland Chambers
,
1a Marsland Road
,
Sale Moor
,
Cheshire
,
M33 3HP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2021: Nil).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 April 2021
318,285
 
398
 
318,683
 
Revaluations
39,715
  -  
39,715
 
At
31 March 2022
358,000
 
398
 
358,398
 
Depreciation      
At
1 April 2021
712
 
139
 
851
 
Charge -  
65
 
65
 
At
31 March 2022
712
 
204
 
916
 
Carrying amount      
At
31 March 2022
357,288
 
194
 
357,482
 
At 31 March 2021
317,573
 
259
 
317,832
 

6 Debtors

20222021
££
Other debtors
59
 
371
 

7 Creditors: amounts falling due within one year

20222021
££
Taxation and social security
1,969
 
774
 
Other creditors
188,361
 
186,932
 
190,330
 
187,706
 

8 Creditors: amounts falling due after more than one year

20222021
££
Other creditors
30,000
 
40,000
 
Paragon Bank Plc holds a floating charge over the assets of the company in respect of a mortgage totalling £30,000.

9 Directors' advances, credit and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:
Year ended 31 March 2021
Balance at 01/04/2020: £195,229 owed to the directors.
£8,297 was loaned to the company in the year
Balance at 31/03/2021: £186,932 owed to the directors.
Year ended 31 March 2022
Balance at 01/04/2021: £186,932 owed to the directors.
£1,308 was loaned to the company in the year
Balance at 31/03/2022: £188,240 owed to the directors.
The above loan is unsecured, interest free and repayable on demand.

10 Controlling party

In the year ended 31 March 2022 the directors Malcolm and Bernadette Rogerson controlled the company by virtue of 100% of the controlling interest.