Company registration number 12429632 (England and Wales)
MM2 GLOBAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
MM2 GLOBAL LIMITED
COMPANY INFORMATION
Director
Ms M Marwood
Company number
12429632
Registered office
Office 43
The Cobalt Building
1600 Eureka Park
Lower Pemberton
Ashford, Kent
TN25 4BF
Accountants
Accounts Unlocked Limited
Office 43
The Cobalt Building
1600 Eureka Park
Lower Pemberton
Ashford, Kent
TN25 4BF
MM2 GLOBAL LIMITED
CONTENTS
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 7
Detailed Income statement
8
MM2 GLOBAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The director presents her annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continued to be that of consultancy services.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Ms M Marwood
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Ms M Marwood
Director
20 November 2023
MM2 GLOBAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
2022
2021
£
£
Turnover
4,999
-
Administrative expenses
(187)
Profit before taxation
4,812
Tax on profit
(914)
Profit for the financial year
3,898
-
The income statement has been prepared on the basis that all operations are continuing operations.
MM2 GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
3,000
Cash at bank and in hand
1
3,000
1
Creditors: amounts falling due within one year
5
(1,101)
Net current assets
1,899
1
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,898
Total equity
1,899
1
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 November 2023
Ms M Marwood
Director
Company registration number 12429632 (England and Wales)
MM2 GLOBAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
1
1
Year ended 31 December 2021:
Profit and total comprehensive income
-
-
-
Balance at 31 December 2021
1
1
Year ended 31 December 2022:
Profit and total comprehensive income
-
3,898
3,898
Dividends
-
(2,000)
(2,000)
Balance at 31 December 2022
1
1,898
1,899
MM2 GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
1
Accounting policies
Company information
MM2 Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 43, The Cobalt Building, 1600 Eureka Park, Lower Pemberton, Ashford, Kent, TN25 4BF.
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 £.
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MM2 GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
(1)
Other debtors
3,001
3,000
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
914
Other creditors
187
1,101
MM2 GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Directors' transactions
Dividends totalling £2,000 (2021 - £0) were paid in the year in respect of shares held by the company's directors.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Ms M Marwood
-
5,001
(2,000)
3,001
-
5,001
(2,000)
3,001