Company registration number 09637631 (England and Wales)
MLR FUNDING SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MLR FUNDING SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MLR FUNDING SOLUTIONS LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,858
2,252
Current assets
Debtors
4
-
0
17,968
Cash at bank and in hand
23,896
-
0
23,896
17,968
Creditors: amounts falling due within one year
5
(23,045)
(11,722)
Net current assets
851
6,246
Total assets less current liabilities
34,709
8,498
Creditors: amounts falling due after more than one year
6
(31,968)
(8,378)
Provisions for liabilities
(1,011)
-
0
Net assets
1,730
120
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,630
20
Total equity
1,730
120

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

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year 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.

MLR FUNDING SOLUTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 November 2023
Mr M D Robey
Director
Company registration number 09637631 (England and Wales)
MLR FUNDING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

MLR Funding Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Penrose House, 67 Hightown Road, Banbury, Oxfordshire, OX16 9BE.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

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

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
20% Straight line
Motor vehicles
10% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

MLR FUNDING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.

1.5
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.

1.6
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

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

2023
2022
Number
Number
Total
1
1
MLR FUNDING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
5,964
Additions
35,000
At 30 June 2023
40,964
Depreciation and impairment
At 1 July 2022
3,712
Depreciation charged in the year
3,394
At 30 June 2023
7,106
Carrying amount
At 30 June 2023
33,858
At 30 June 2022
2,252
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
7,824
Other debtors
-
0
10,144
-
0
17,968
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,804
6,461
Trade creditors
688
688
Taxation and social security
14,642
4,174
Other creditors
4,911
399
23,045
11,722

Other creditors include £4,413 (2022 - £nil) in relation to assets held under hire purchase agreements, which are secured against the assets concerned.

MLR FUNDING SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,574
8,378
Other creditors
26,394
-
0
31,968
8,378

Other creditors include £26,394 (2022 - £nil) in relation to assets held under hire purchase agreements, which are secured against the assets concerned.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions

An interest free loan had previously been granted, which is repayable on demand, by the company to its director. Amounts advanced during the year were £48,916 (2022 - £21,485), repayments during the year were £59,100 (2022 - £18,000). The closing balance due by the company was £40 (2022 - to the company £10,144).

2023-06-302022-07-01false09 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr M D Robeyfalse096376312022-07-012023-06-30096376312023-06-30096376312022-06-3009637631core:OtherPropertyPlantEquipment2023-06-3009637631core:OtherPropertyPlantEquipment2022-06-3009637631core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3009637631core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3009637631core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3009637631core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3009637631core:CurrentFinancialInstruments2023-06-3009637631core:CurrentFinancialInstruments2022-06-3009637631core:Non-currentFinancialInstruments2023-06-3009637631core:Non-currentFinancialInstruments2022-06-3009637631core:ShareCapital2023-06-3009637631core:ShareCapital2022-06-3009637631core:RetainedEarningsAccumulatedLosses2023-06-3009637631core:RetainedEarningsAccumulatedLosses2022-06-3009637631bus:Director12022-07-012023-06-3009637631core:FurnitureFittings2022-07-012023-06-3009637631core:ComputerEquipment2022-07-012023-06-3009637631core:MotorVehicles2022-07-012023-06-30096376312021-07-012022-06-3009637631core:OtherPropertyPlantEquipment2022-06-3009637631core:OtherPropertyPlantEquipment2022-07-012023-06-3009637631core:WithinOneYear2023-06-3009637631core:WithinOneYear2022-06-3009637631bus:PrivateLimitedCompanyLtd2022-07-012023-06-3009637631bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3009637631bus:FRS1022022-07-012023-06-3009637631bus:AuditExemptWithAccountantsReport2022-07-012023-06-3009637631bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP