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Registration number: 08738096

MD Finance Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

MD Finance Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 9

iXBRL Detailed Profit and Loss Account

10

 

MD Finance Limited

Company Information

Directors

Mr Michael Carter

Mr James Carter

Mr Daniel Kane Carter

Registered office

17 Skelton Close
Lawford
Manningtree
Essex
CO11 2HT

Accountants

CityTrust Accounts Limited
17 Skelton Close
Lawford
Manningtree
Essex
CO11 2HT

 

MD Finance Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Michael Carter

Mr James Carter

Mr Daniel Kane Carter

Principal activity

The principal activity of the company is Financial Management

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr Daniel Kane Carter
Director

 

MD Finance Limited

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

2,831

-

Gross profit

 

2,831

-

Administrative expenses

 

(240)

-

Operating profit

 

2,591

-

Profit before tax

2,591

-

Tax on profit

 

(492)

-

Profit for the financial year

 

2,099

-

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

MD Finance Limited

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

2,099

-

Total comprehensive income for the year

2,099

-

 

MD Finance Limited

(Registration number: 08738096)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

47,444

62,500

Cash at bank and in hand

 

10,050

2,973

 

57,494

65,473

Creditors: Amounts falling due within one year

5

(55,375)

(65,453)

Net assets

 

2,119

20

Capital and reserves

 

Called up share capital

6

20

20

Retained earnings

2,099

-

Shareholders' funds

 

2,119

20

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr Michael Carter
Director

.........................................
Mr Daniel Kane Carter
Director

 

MD Finance Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

20

-

20

Profit for the year

-

2,099

2,099

At 31 March 2023

20

2,099

2,119

Share capital
£

Total
£

At 1 April 2021

20

20

At 31 March 2022

20

20

 

MD Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Skelton Close
Lawford
Manningtree
Essex
CO11 2HT
England

These financial statements were authorised for issue by the Board on 3 October 2023.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 current 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 income 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.

 

MD Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 merchandise sold or 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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Debtors

Current

2023
£

2022
£

Trade debtors

47,444

62,500

 

47,444

62,500

 

MD Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

492

-

Other creditors

54,883

65,453

55,375

65,453

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

ordinary share capital of £1 each

20

20

20

20

         
 

MD Finance Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
£

Turnover/revenue

2,831

Cost of sales

Opening stock/inventories

-

Closing stock/inventories

-

Gross profit

2,831

Distribution costs

Administrative expenses

Bank charges

(240)

Other operating income

Other items

Profit on ordinary activities before taxation

2,591

Tax on profit or loss on ordinary activities

(492)

Profit for the financial year

2,099