Company registration number 14301609 (England and Wales)
MB COMMERCIAL PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
MB COMMERCIAL PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MB COMMERCIAL PROPERTIES LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
3
5,221,393
Current assets
Debtors
5
929,143
Cash at bank and in hand
1,608,654
2,537,797
Creditors: amounts falling due within one year
6
(290,307)
Net current assets
2,247,490
Total assets less current liabilities
7,468,883
Creditors: amounts falling due after more than one year
7
(1,909,500)
Net assets
5,559,383
Capital and reserves
Called up share capital
5,564,580
Profit and loss reserves
(5,197)
Total equity
5,559,383

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr M Greenup
Director
Company Registration No. 14301609
MB COMMERCIAL PROPERTIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 August 2022
-
0
-
0
-
Period ended 28 February 2023:
Loss and total comprehensive income for the period
-
(5,197)
(5,197)
Issue of share capital
13,288,590
-
13,288,590
Reduction of shares
(7,724,010)
-
0
(7,724,010)
Balance at 28 February 2023
5,564,580
(5,197)
5,559,383
MB COMMERCIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

MB Commercial Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Mb Court, South Bank Road, Middlesbrough, United Kingdom, TS3 8AN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income from the letting of properties.

 

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

MB COMMERCIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
2
3
Investment property
2023
£
Fair value
At 17 August 2022
-
0
Additions
5,221,393
At 28 February 2023
5,221,393

Investment property comprises commercial properties held to generate rental income.

 

During the period investment properties have been transferred from a connected company at market value.

MB COMMERCIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 5 -
4
Fixed asset investments
2023
£
Movements in fixed asset investments
Shares in
£
Cost or valuation
At 17 August 2022
-
Additions
13,288,590
Valuation changes
(5,564,580)
Disposals
(7,724,010)
At 28 February 2023
-
Carrying amount
At 28 February 2023
-
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
15,000
Other debtors
914,143
929,143
6
Creditors: amounts falling due within one year
2023
£
Bank loans
100,500
Trade creditors
175,057
Other creditors
14,750
290,307

The long-term loans are secured by fixed charges over the investment properties of the company.

7
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
1,909,500

The long-term loans are secured by fixed charges over the investment properties of the company.

MB COMMERCIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2023
£
Payable by instalments
1,105,500
8
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

Purchase of property
Rentals received
2023
2023
£
£
Other related parties
4,742,592
14,000
2023
Amounts due to related parties
£
Other related parties
13,500

The following amounts were outstanding at the reporting end date:

2023
Amounts due from related parties
£
Other related parties
16,800
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