Company Registration No. 03512798 (England and Wales)
M & B (Felixstowe) Limited
Unaudited accounts
for the year ended 31 March 2023
M & B (Felixstowe) Limited
Unaudited accounts
Contents
M & B (Felixstowe) Limited
Company Information
for the year ended 31 March 2023
Directors
Adrian Newell
Adrian Moss
Keith Watson
Gareth Williams
Company Number
03512798 (England and Wales)
Registered Office
1 White Cliffs Business Centre
Honeywood Road
Dover
Kent
CT16 3EH
United Kingdom
Accountants
Westcourt Accountancy Services Ltd
1 White Cliffs Business Centre
Honeywood Road
Dover
Kent
CT16 3EH
M & B (Felixstowe) Limited
Accountants' report
Accountants' report to the board of directors of M & B (Felixstowe) Limited (the company)
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for the year ended 31 March 2023. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Westcourt Accountancy Services Ltd
1 White Cliffs Business Centre
Honeywood Road
Dover
Kent
CT16 3EH
25 October 2023
M & B (Felixstowe) Limited
Statement of financial position
as at 31 March 2023
Tangible assets
23,092
33,124
Investment property
1,120,000
1,004,000
Debtors
3,138,688
2,772,597
Cash at bank and in hand
681,252
220,480
Creditors: amounts falling due within one year
(1,041,953)
(251,452)
Net current assets
2,777,987
2,741,625
Total assets less current liabilities
3,921,079
3,778,749
Provisions for liabilities
Deferred tax
(4,406)
(6,294)
Other provisions
(153,330)
(64,245)
Net assets
3,763,343
3,708,210
Called up share capital
1,000
1,000
Revaluation reserve
565,194
449,194
Profit and loss account
3,197,149
3,258,016
Shareholders' funds
3,763,343
3,708,210
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by
Adrian Moss
Director
Company Registration No. 03512798
M & B (Felixstowe) Limited
Notes to the Accounts
for the year ended 31 March 2023
M & B (Felixstowe) Limited is a private company, limited by shares, registered in England and Wales, registration number 03512798. The registered office is 1 White Cliffs Business Centre, Honeywood Road, Dover, Kent, CT16 3EH, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Motor vehicles
33% Straight Line
Computer equipment
50% Straight Line
Investment property is included at market fair value. Gains are recognised in the income statement.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
M & B (Felixstowe) Limited
Notes to the Accounts
for the year ended 31 March 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Included within the retained earnings is a non-distributable amount of £449194 which relates to the revaluation gains on investment properties.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2022
113,823
23,995
137,818
Disposals
(55,727)
-
(55,727)
At 31 March 2023
68,904
23,995
92,899
At 1 April 2022
98,032
6,662
104,694
Charge for the year
12,850
7,990
20,840
Surplus on revaluation
(55,727)
-
(55,727)
At 31 March 2023
55,155
14,652
69,807
At 31 March 2023
13,749
9,343
23,092
At 31 March 2022
15,791
17,333
33,124
Fair value at 1 April 2022
1,004,000
Net gain from fair value adjustments
116,000
At 31 March 2023
1,120,000
Amounts falling due within one year
Trade debtors
2,264,840
2,340,382
Accrued income and prepayments
512,826
168,429
Other debtors
160,000
160,000
M & B (Felixstowe) Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
8,890
Trade creditors
406,772
42,385
Taxes and social security
34,071
97,768
Other creditors
543,404
54,819
Loans from directors
16,582
10,223
8
Transactions with related parties
During the year a director withdrew £6484 and paid in £12843. At the end of the year the director was owed by the company £16582.
The companies provided services to and from the following companies which have common directors:
M&B Logistics Ltd (Mr A Moss). Services received £503796. Services supplied £698108
Westcourt Accountancy Services Ltd ( Mr A Newell) Services received £2940 Services supplied £1200 All services were provided at market rates.
9
Average number of employees
During the year the average number of employees was 26 (2022: 25).