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COMPANY REGISTRATION NUMBER: 13924932
M&R INVESTMENT CAPITAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2023
M&R INVESTMENT CAPITAL LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 18 FEBRUARY 2022 TO 31 JULY 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
M&R INVESTMENT CAPITAL LIMITED
BALANCE SHEET
31 July 2023
31 Jul 23
Note
£
Fixed assets
Investments
4
1,836,118
Current assets
Debtors
5
66,060
Cash at bank and in hand
277,332
------------
343,392
Creditors: amounts falling due within one year
6
( 2,131,587)
------------
Net current liabilities
( 1,788,195)
------------
Total assets less current liabilities
47,923
Provisions
( 11,166)
------------
Net assets
36,757
------------
Capital and reserves
Called up share capital
8
120
Profit and loss account
36,637
------------
Shareholders funds
36,757
------------
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 profit and loss account has not been delivered.
For the period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 November 2023 , and are signed on behalf of the board by:
Mr M D Duckett
Director
Company registration number: 13924932
M&R INVESTMENT CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 18 FEBRUARY 2022 TO 31 JULY 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 35 Westgate, Huddersfield, HD1 1PA, West Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 18 February 2022
Additions
100
1,791,353
1,791,453
Revaluations
44,665
44,665
------------
------------
------------
At 31 July 2023
100
1,836,018
1,836,118
------------
------------
------------
Impairment
At 18 February 2022 and 31 July 2023
------------
------------
------------
Carrying amount
At 31 July 2023
100
1,836,018
1,836,118
------------
------------
------------
The company owns the whole of the issued share capital of M & R Investment Property Limited which is a property investment company.
5. Debtors
31 Jul 23
£
Amounts owed by group undertakings
60,900
Prepayments and accrued income
5,160
------------
66,060
------------
6. Creditors: amounts falling due within one year
31 Jul 23
£
Accruals and deferred income
1,538
Corporation tax
736
Director loan accounts
1,591,313
Other creditors
538,000
------------
2,131,587
------------
7. Deferred tax
The deferred tax included in the balance sheet is as follows:
31 Jul 23
£
Included in provisions
11,166
------------
8. Called up share capital
Issued, called up and fully paid
31 Jul 23
No.
£
Ordinary shares of £ 1 each
120
120
------------
------------
Shares issued and fully paid
31 Jul 23
No.
£
Ordinary shares of £ 1 each
120
120
------------
------------
Shares issued and partly paid
31 Jul 23
No.
£
During the period 120 ordinary shares of £1 each were issued fully paid for cash at par.
9. Related party transactions
The directors loan account of £1,591,313 is unsecured, repayable on demand and currently interest free. The balances with group undertakings and related parties are unsecured, repayable on demand and currently interest free.
10. Controlling party
There is no one controlling party of the company.