Company registration number 13394655 (England and Wales)
MMZA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MMZA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
MMZA LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
719,614
756,071
Current assets
Debtors
4
2,015
25,863
Cash at bank and in hand
65,036
67,051
25,863
Creditors: amounts falling due within one year
5
(18,798)
(9,310)
Net current assets
48,253
16,553
Total assets less current liabilities
767,867
772,624
Creditors: amounts falling due after more than one year
6
(719,820)
(768,171)
Provisions for liabilities
(8,653)
(1,235)
Net assets
39,394
3,218
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
39,294
3,118
Total equity
39,394
3,218
The directors of the company have 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 directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MMZA LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mrs N Knopp
Director
Company registration number 13394655 (England and Wales)
MMZA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 May 2021
-
Period ended 30 June 2022:
Profit and total comprehensive income
-
3,118
3,118
Issue of share capital
7
100
-
100
Balance at 30 June 2022
100
3,118
3,218
Year ended 30 June 2023:
Profit and total comprehensive income
-
36,176
36,176
Balance at 30 June 2023
100
39,294
39,394
MMZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
MMZA Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.
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
Reporting period
These financial statements represents the 13 month period from the date of incorporation to 30 June 2022.
1.3
Turnover
Turnover is recognised on an accruals basis as the rent income is due.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
MMZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loan from related parties, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.7
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.
1.8
Taxation
The tax expense represents deferred tax.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
2
4
MMZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Investment property
2023
£
Fair value
At 1 July 2022
756,070
Additions
42,398
Disposals
(78,854)
At 30 June 2023
719,614
Investment property comprises a commercial property and land. The fair value of the investment property and land has been arrived at on the basis of the cost at acquisition.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,015
25,863
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,108
252
Corporation tax
3,100
Other taxation and social security
3,472
Other creditors
10,118
9,058
18,798
9,310
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
719,820
768,171
MMZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
8
Related party transactions
During the period, the company charged rent £70,000 (2022 - £8,844) to a company with common directors. The company also received a loan of £719,820 (2022 - £768,171) from the related party. This loan is interest free, and included within other creditors falling due after more than one year.