Registration number:
MD Salisbury Ltd
for the Year Ended 30 June 2023
MD Salisbury Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
MD Salisbury Ltd
Company Information
Directors |
Mr Mark Hunter Dobson Mrs Danielle Dobson |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MD Salisbury Ltd
for the Year Ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MD Salisbury Ltd for the year ended 30 June 2023 as set out on pages 3 to 8 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of MD Salisbury Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that MD Salisbury Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MD Salisbury Ltd. You consider that MD Salisbury Ltd 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 accounts of MD Salisbury Ltd. 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 accounts.
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Chartered Accountants
Edinburgh
Lothian
EH9 3DP
MD Salisbury Ltd
(Registration number: 11252835)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
405,036 |
308,557 |
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Shareholders' funds |
405,038 |
308,559 |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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MD Salisbury Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of business is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is sterling.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
MD Salisbury Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Impairment of assets
At each reporting date fixed asset investments are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
MD Salisbury Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Taxation |
The tax (credit) / charge on the profit for the year was as follows: |
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2023 |
2022 |
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£ |
£ |
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UK corporation tax |
(4,579) |
5,368 |
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 July 2022 |
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Provision |
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At 30 June 2023 |
- |
Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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The company holds a 60% share holding in MD Romsey Ltd (2022 60%).
Debtors |
2023 |
2022 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings (secured) |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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MD Salisbury Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings (secured) |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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The bank loan is secured in favour of Barclays Group (see note 11 below) for a period of 12 years from inception, repayable by monthly instalments. Interest is charged on a floating rate basis with a margin of 2.8 percent per annum.
The other loan is from its subsidiary company, MD Romsey Ltd, is unsecured and repayable over 5 years by 60 monthly instalments with interest fixed at 3 percent per annum.
Balances repayable by instalment |
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2023 |
2022 |
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£ |
£ |
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Bank loan |
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Within 1 year |
60,000 |
92,739 |
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Within 2-5 years |
375,322 |
375,322 |
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After 5 years |
255,343 |
281,253 |
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690,665 |
749,314 |
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Other loan |
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Within 1 year |
21,993 |
21,344 |
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Within 2-5 years |
38,029 |
60,147 |
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60,022 |
81,491 |
MD Salisbury Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
2 |
2 |
2 |
2 |
Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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Security |
The company has provided a cross guarantee and fixed and floating charge over its business and assets in favour of Barclays Security Trustee Limited to secure sums owed to Barclays Group. At 30 June 2023 balances owed to Barclays Group amounted to £690,665 (2022 £749,314). Mr Dobson has provided a guarantee of £150,000 to Barclays Group in respect of these borrowings.