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REGISTERED NUMBER: 07927411 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

MFM-IT LIMITED

MFM-IT LIMITED (REGISTERED NUMBER: 07927411)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


MFM-IT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: R F Eagles
S M Colley





REGISTERED OFFICE: 7th Floor Cobalt Square
83 Hagley Road
Birmingham
West Midlands
B16 8QG





REGISTERED NUMBER: 07927411 (England and Wales)





ACCOUNTANTS: E R Grove & Co Limited
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MFM-IT LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MFM-IT Limited for the year ended 31 January 2023 which comprise the Income Statement, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MFM-IT Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MFM-IT Limited and state those matters that we have agreed to state to the Board of Directors of MFM-IT Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MFM-IT Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MFM-IT 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 MFM-IT Limited. You consider that MFM-IT 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 MFM-IT 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.






E R Grove & Co Limited
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF


20 October 2023

MFM-IT LIMITED (REGISTERED NUMBER: 07927411)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 416,612 420,821

CURRENT ASSETS
Stocks 19,726 24,658
Debtors 5 228,675 179,008
Cash at bank 150,810 41,302
399,211 244,968
CREDITORS
Amounts falling due within one year 6 649,550 281,055
NET CURRENT LIABILITIES (250,339 ) (36,087 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

166,273

384,734

CREDITORS
Amounts falling due after more than one
year

7

(143,022

)

(205,073

)

PROVISIONS FOR LIABILITIES (15,582 ) (15,014 )
NET ASSETS 7,669 164,647

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 6,669 163,647
SHAREHOLDERS' FUNDS 7,669 164,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





R F Eagles - Director


MFM-IT LIMITED (REGISTERED NUMBER: 07927411)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

MFM-IT Limited 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 17 ) .

MFM-IT LIMITED (REGISTERED NUMBER: 07927411)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 February 2022 359,788 7,943 194,615 562,346
Additions - 29,440 - 29,440
At 31 January 2023 359,788 37,383 194,615 591,786
DEPRECIATION
At 1 February 2022 17,989 3,430 120,106 141,525
Charge for year 7,195 1,866 24,588 33,649
At 31 January 2023 25,184 5,296 144,694 175,174
NET BOOK VALUE
At 31 January 2023 334,604 32,087 49,921 416,612
At 31 January 2022 341,799 4,513 74,509 420,821

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 182,287 170,826
Other debtors 46,388 8,182
228,675 179,008

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 264,991 145,237
Taxation and social security 74,608 56,500
Other creditors 309,951 79,318
649,550 281,055

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 143,022 205,073

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 16,428 16,428
Between one and five years 65,712 65,712
In more than five years 53,391 69,819
135,531 151,959

MFM-IT LIMITED (REGISTERED NUMBER: 07927411)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

9. RELATED PARTY DISCLOSURES

During the year the company was charged £100,000 (2022: £Nil) from MFM-Cloud Limited for services provided. MFM-Cloud Limited is under the control of the directors. At the year end date the company owed £120,000 (2022: £Nil) in respect of these transactions and owed £4,027 (2022: £Nil) in respect of other borrowings.

At the year end date the company owed £2,849 (2022: £3,400) to Mail Flow Monitor Limited, a company under the control of the directors. This loan is interest free and repayable on demand.

At the year end date the company owed £230,000 (2022: £Nil) to MFM-IT Holdings Limited, a company controlled by a director. This loan is interest free and repayable on demand.