Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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250,000 | 0 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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102,356 | 2 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (93,701) | 2 | ||
Total assets less current liabilities | 156,299 | 2 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of MF Design & Build Ltd (registered number:
N Forsyth
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
MF Design & Build Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Belvoir Lodge, Upper Oldfield Park, Bath, BA2 3JX, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 September 2022 |
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Additions | 338,794 |
Fair value movement | 57,351 |
Government grant received | (146,145) |
As at 31 August 2023 |
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Valuation
The investment properties were valued by the director at the year end on an open market and existing use basis.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 150,000 | 0 |
2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to directors |
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Other loans |
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Accruals |
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Deferred tax liability |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Other loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2023 | 2022 | ||
£ | £ | ||
Other loans (repayable by instalments) |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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At the year end the Company owed £76,000 (2022: £Nil) to a director. The balance is interest free and there is no fixed date for repayment.
At the year end the Company owed £76,000 (2022: £Nil) to a shareholder. The balance is interest free and there is no fixed date for repayment.
At the year end the Company loaned £30,000 to a connected party. The balance is interest free and there is no fixed date for repayment.