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COMPANY REGISTRATION NUMBER: 7917976
MBK Building and Maintenance Ltd
Filleted Unaudited Financial Statements
31 January 2023
MBK Building and Maintenance Ltd
Financial Statements
Year ended 31 January 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
MBK Building and Maintenance Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
26,228
23,493
Current assets
Stocks
2,148
2,046
Debtors
6
2,751
5,355
Cash at bank and in hand
11,986
-------
--------
4,899
19,387
Creditors: amounts falling due within one year
7
( 112,978)
( 113,170)
---------
---------
Net current liabilities
( 108,079)
( 93,783)
---------
--------
Total assets less current liabilities
( 81,851)
( 70,290)
Creditors: amounts falling due after more than one year
8
( 9,051)
( 11,740)
--------
--------
Net liabilities
( 90,902)
( 82,030)
--------
--------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
( 90,903)
( 82,031)
--------
--------
Shareholders deficit
( 90,902)
( 82,030)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MBK Building and Maintenance Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:
Mr M Sutton
Director
Company registration number: 7917976
MBK Building and Maintenance Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 West Lane, Neyland, Milford Haven, Pembrokeshire, SA73 1RH, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25 % reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model, Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant & Machinery
Motor Vehicles
Office Equipment
Total
£
£
£
£
Cost
At 1 February 2022
6,465
48,990
486
55,941
Additions
529
10,950
11,479
-------
--------
----
--------
At 31 January 2023
6,994
59,940
486
67,420
-------
--------
----
--------
Depreciation
At 1 February 2022
5,376
26,634
438
32,448
Charge for the year
405
8,327
12
8,744
-------
--------
----
--------
At 31 January 2023
5,781
34,961
450
41,192
-------
--------
----
--------
Carrying amount
At 31 January 2023
1,213
24,979
36
26,228
-------
--------
----
--------
At 31 January 2022
1,089
22,356
48
23,493
-------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
2,751
5,355
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdraft (secured)
7,912
2,063
Trade creditors
25,665
49,724
Social security and other taxes
17,105
9,780
Hire purchase agreements
4,845
2,909
Other creditors
57,451
48,694
---------
---------
112,978
113,170
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdraft (secured)
1,995
4,062
Hire purchase agreements
7,056
7,678
-------
--------
9,051
11,740
-------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
----
----
----
----
10. Related party transactions
The company was under the control of Mr M Sutton throughout the current and previous year. Mr M Sutton is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.