Registered number
05040749
Mainbrace Limited
Filleted Accounts
29 February 2024
Mainbrace Limited
Registered number: 05040749
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 485,000 485,000
Current assets
Debtors 4 4,000 -
Cash at bank and in hand 22,692 27,133
26,692 27,133
Creditors: amounts falling due within one year 5 (21,933) (36,847)
Net current assets/(liabilities) 4,759 (9,714)
Total assets less current liabilities 489,759 475,286
Provisions for liabilities (15,700) (15,700)
Net assets 474,059 459,586
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 76,651 76,651
Profit and loss account 397,308 382,835
Shareholder's funds 474,059 459,586
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E A Harvey
Director
Approved by the board on 6 March 2024
Mainbrace Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental income.
Tangible fixed assets
The company carries its long leasehold investment property at fair value.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 485,000
At 29 February 2024 485,000
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 485,000
At 28 February 2023 485,000
The long leasehold investment property was valued by an independent valuer with a recognised and relevant professional qualification, F J Mellor BSc MRICS, as at 21st August 2018, on the basis of market value with the benefit of an occupational lease. It is the directors opinion that the market value at the balance sheet date would not be materially different to that given in the valuation.
4 Debtors 2024 2023
£ £
Trade debtors 4,000 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 8,407 8,404
Other creditors 13,526 28,443
21,933 36,847
6 Fair value reserve 2024 2023
£ £
At 1 March 2023 76,651 76,651
At 29 February 2024 76,651 76,651
7 Controlling party
The Company is controlled by its director, Mrs E A Harvey
8 Other information
Mainbrace Limited is a private company limited by shares and incorporated in England. Its registered office is:
Barn End
98 Grove Road
Knowle, Solihull
West Midlands
B93 0PL
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