REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
M & M HOLDINGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
M & M HOLDINGS LIMITED |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 4 |
Notes to the Financial Statements | 5 |
M & M HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
2nd Floor |
Landchard House |
Victoria Street |
West Bromwich |
West Midlands |
B70 8ER |
BANKERS: |
4 The Cross |
Worcester |
Worcestershire |
WR1 3PY |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
BALANCE SHEET |
31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Financial assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
BALANCE SHEET - continued |
31ST MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) | ( |
) |
Balance at 31st March 2023 |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
M & M Holdings Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company and are rounded to the nearest £1. |
Going Concern |
The directors believe that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern and therefore the going concern basis remains appropriate in the preparation of the financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates. |
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as stated below. |
Revenue recognition |
(i) Turnover represents rental income receivable from the freehold investment property. |
Turnover from rents receivable is only recognised when the amounts to be recognised are fixed or |
determinable and collectibility is reasonably assured. |
(i) Sale of investments |
Gains or losses on the sale of investments are recognised in the income statement and are included in |
other operating income. |
(iii) Dividend income and foreign income |
Income from dividends and foreign income is recognised when the right to receive payment is |
established. |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings 15% on reducing balance |
Computer equipment 33% on cost |
Plant and machinery 15% on reducing balance |
Investment properties |
Investment properties are included at fair value. Gains are recognised in the Income Statement and because the gains are not distributable they are included within the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties. |
Basic financial instruments are recognised at amortised cost, with changes recognised in the income statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Financial assets |
Investments in shares are included at fair value. Gains are recognised in the Income Statement and because the gains are not distributable they are included within the fair value reserve. |
Operating leases |
Assets leased out under operating leases are included in tangible fixed assets. Rental income from the operating leases is included in the income statement on a straight line basis over the period of the lease. |
Foreign currency translation |
In preparing the financial statements, transactions in currencies other than the functional currency (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2022 |
and 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
6. | FINANCIAL ASSETS |
Other |
investments |
£ |
COST OR VALUATION |
At 1st April 2022 |
Additions |
Revaluations | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Cost or valuation at 31st March 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 45,388 |
If financial assets had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 35,339 | 25,331 |
Financial assets were valued using the London stock exchange daily mid market price listing on 31st March 2023 |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2022 |
and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Included in fair value of investment property is freehold land of £ 80,000 (2022 - £ 80,000 ) which is not depreciated. |
Fair value at 31st March 2023 is represented by: |
£ |
Valuation in 2023 | 530,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 442,664 | 442,664 |
Freehold investment properties were valued on a fair valuation basis on 31st March 2023 by the directors . |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
M & M HOLDINGS LIMITED (REGISTERED NUMBER: 05236149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1st April 2022 | 169,868 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Revaluation during the year | 9,889 | (9,889 | ) | - |
At 31st March 2023 | 155,036 |