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Registered Number: 12514085
England and Wales

 

 

 

MRF DEVELOPMENTS LTD.


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of MRF development ltd for the year ended 31 March 2023. 
     
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MRF development ltd for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companies accounting records and from information and explanations you have given us.


As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.


Our work has been undertaken solely to prepare for your approval the accounts of MRF development ltd and state those matters that we have agreed to state to the Board of Directors of MRF development ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MRF development ltd and its Board of Directors as a body for our work or for this report.


It is your duty to ensure that MRF development 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 MRF development ltd.
You consider that MRF development 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 MRF development 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 31 March 2023.











....................................................
aa Chartered Accountants
Fenlake House
Fenlake Business Centre
Peterborough
PE1 5BQ
21 February 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 95,000    85,000 
Investments 5 3,120    235 
98,120    85,235 
Current assets      
Debtors 90,889    62,839 
Cash at bank and in hand 1,673    419 
92,562    63,258 
Creditors: amount falling due within one year (99,716)   (1,805)
Net current liabilities (7,154)   61,453 
 
Total assets less current liabilities 90,966    146,688 
Creditors: amount falling due after more than one year (259,119)   (312,878)
Net liabilities (168,153)   (166,190)
 

Capital and reserves
     
Called up share capital 6 100    100 
Reserves 7 10,000   
Profit and loss account (178,253)   (166,290)
Shareholder's funds (168,153)   (166,190)
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 21 February 2024 and were signed by:


-------------------------------
Ian David Morgan
Director
2
General Information
MRF Developments Ltd. is a private company, limited by shares, registered in England and Wales, registration number 12514085, registration address 71-75 Shelton Street, Greater London, London, WC2H 9JQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
2.

Average number of employees including directors

Average number of employees during the year was 1 (2022 : 3).
3.

Financial Commitments, Guarantees and Contingencies

As at 31 March 2023, the company have a commitment to purchase the off plan Plot D004 Regent Plaza, Salford, the purchase will be completed in fourth quarter of 2024. Deposit of £52,444 has already been paid.


4.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 April 2022 85,000    85,000 
Additions  
Disposals  
Revaluations 10,000    10,000 
At 31 March 2023 95,000    95,000 
Depreciation
At 01 April 2022  
Charge for year  
On disposals  
At 31 March 2023  
Net book values
Closing balance as at 31 March 2023 95,000    95,000 
Opening balance as at 01 April 2022 85,000    85,000 


5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2022 235    235 
Additions 6,032    6,032 
Transfer to/from tangible fixed assets  
Disposals (2,350)   (2,350)
Revaluations (797)   (797)
At 31 March 2023 3,120    3,120 

6.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

3