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Registration number: 08967853

MB Workspace Design Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

MB Workspace Design Limited

Contents

Company Information

1

Statement of Director's Responsibilities

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

MB Workspace Design Limited

Company Information

Director

Mr Michael Bradley

Registered office

13 Sunnymead Road
Wandsworth
London
SW15 5HY

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

MB Workspace Design Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

MB Workspace Design Limited

(Registration number: 08967853)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,691

5,382

Tangible assets

5

290

387

 

2,981

5,769

Current assets

 

Debtors

6

20,785

14,699

Cash at bank and in hand

 

2,736

8,325

 

23,521

23,024

Creditors: Amounts falling due within one year

7

(20,207)

(18,415)

Net current assets

 

3,314

4,609

Total assets less current liabilities

 

6,295

10,378

Creditors: Amounts falling due after more than one year

7

(5,734)

(8,534)

Net assets

 

561

1,844

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

461

1,744

Shareholders' funds

 

561

1,844

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 September 2023
 

.........................................

Mr Michael Bradley
Director

 

MB Workspace Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
13 Sunnymead Road
Wandsworth
London
SW15 5HY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a Going Concern Basis as despite difficult trading conditions caused by the Covid-19 pandemic due to lockdown, and closure of business premises it is the Director's opinion that the post pandemic performance provides sufficient assurance that the Company can continue on a going concern basis.Additional funding has been secured through the Coronavirus Business interruption loan scheme which will assist until business returns to normal.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of VAT.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

MB Workspace Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Fixtures and fittings

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

 

MB Workspace Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

MB Workspace Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

26,926

26,926

At 31 March 2023

26,926

26,926

Amortisation

At 1 April 2022

21,544

21,544

Amortisation charge

2,691

2,691

At 31 March 2023

24,235

24,235

Carrying amount

At 31 March 2023

2,691

2,691

At 31 March 2022

5,382

5,382

 

MB Workspace Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

20,409

20,409

At 31 March 2023

20,409

20,409

Depreciation

At 1 April 2022

20,022

20,022

Charge for the year

97

97

At 31 March 2023

20,119

20,119

Carrying amount

At 31 March 2023

290

290

At 31 March 2022

387

387

6

Debtors

2023
£

2022
£

Trade debtors

16,933

14,699

Other debtors

3,852

-

20,785

14,699

 

MB Workspace Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,981

2,981

Trade creditors

 

221

18

Taxation and social security

 

15,805

13,031

Accruals and deferred income

 

1,200

1,200

Other creditors

 

-

1,185

 

20,207

18,415

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

5,734

8,534

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,734

8,534

 

MB Workspace Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,981

2,981

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to directors
£

At 31 March 2023
£

Mr Michael Bradley

Amount owed to/(from) the director

1,185

(5,039)

(3,854)

       
     

 

2022

At 1 April 2021
£

Advances to directors
£

At 31 March 2022
£

Mr Michael Bradley

Amount owed to/(from) the director

5,375

(4,190)

1,185