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REGISTERED NUMBER: 01548358 (England and Wales)










Mobecot Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023






Mobecot Limited (Registered number: 01548358)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mobecot Limited

Company Information
for the Year Ended 30 September 2023







DIRECTOR: Mr M Benbeniste





SECRETARY: Mr P M Hinchliffe





REGISTERED OFFICE: 17 Bloom Street
Albert House
Manchester
M1 3HZ





REGISTERED NUMBER: 01548358 (England and Wales)





ACCOUNTANTS: SKS Shacter Cohen & Bor Ltd
Chartered Accountants
31 Sackville Street
Manchester
M1 3LZ

Mobecot Limited (Registered number: 01548358)

Balance Sheet
30 September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 2,900,439 2,900,589
Investments 6 64 64
2,900,503 2,900,653

CURRENT ASSETS
Stocks 7 45,997 -
Debtors 8 2,272,995 3,432,668
Cash at bank 1,102,388 279,351
3,421,380 3,712,019
CREDITORS
Amounts falling due within one year 9 (208,774 ) (188,944 )
NET CURRENT ASSETS 3,212,606 3,523,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,113,109

6,423,728

PROVISIONS FOR LIABILITIES (482,072 ) (482,072 )
NET ASSETS 5,631,037 5,941,656

CAPITAL AND RESERVES
Called up share capital 10 100 100
Non-distributable reserve 2,413,720 2,413,720
Retained earnings 3,217,217 3,527,836
SHAREHOLDERS' FUNDS 5,631,037 5,941,656

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Mobecot Limited (Registered number: 01548358)

Balance Sheet - continued
30 September 2023


The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 April 2024 and were signed by:





Mr M Benbeniste - Director


Mobecot Limited (Registered number: 01548358)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Bloom Street
Albert House
Manchester
M1 3HZ

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

3. ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

BASIS OF PREPARATION
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

FOREIGN CURRENCY TRANSACTIONS AND BALANCES
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Mobecot Limited (Registered number: 01548358)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. ACCOUNTING POLICIES - continued

TAX
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

TANGIBLE ASSETS
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

DEPRECIATION
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class Depreciation method and rate
Fixtures, fittings and equipment 25% Reducing balance

BUSINESS COMBINATIONS
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

INVESTMENTS
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Mobecot Limited (Registered number: 01548358)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. ACCOUNTING POLICIES - continued

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

TRADE CREDITORS
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Mobecot Limited (Registered number: 01548358)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Furniture,
fittings
Freehold and
property equipment Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 2,900,000 47,721 2,947,721
DEPRECIATION
At 1 October 2022 - 47,132 47,132
Charge for year - 150 150
At 30 September 2023 - 47,282 47,282
NET BOOK VALUE
At 30 September 2023 2,900,000 439 2,900,439
At 30 September 2022 2,900,000 589 2,900,589

Included within the net book value of land and buildings above is £2,900,000 (2022 - £2,900,000) in respect of freehold land and buildings.

6. INVESTMENTS
Interest
in
associate
£   
COST
At 1 October 2022
and 30 September 2023 64
NET BOOK VALUE
At 30 September 2023 64
At 30 September 2022 64

The company's investment represents the cost of acquisition of one share of Mobecot Yarns Limited, a dormant company incorporated in the UK. The remaining 99 shares of the company are held by Mr Benbeniste as nominee, who is also the director of Mobecot Limited.

7. STOCKS
2023 2022
£    £   
Goods for resale 45,997 -

Mobecot Limited (Registered number: 01548358)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,213,890 3,418,287
Other debtors 59,105 14,381
2,272,995 3,432,668

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 58,362 20,521
Amounts owed to group undertakings 1,611 1,611
Taxation and social security 1,699 38,833
Other creditors 147,102 127,979
208,774 188,944

The bank loan and overdraft are secured by a first legal charge over the freehold property and various other guarantees.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary share 1 100 100

11. RESERVES

Non-distributable reserve - This reserve records the net cumulative fair value gains on investment property.

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

12. DIVIDENDS

2023(£) 2022(£)
Interim dividend of £519.04 (2022 - £226.00) per ordinary share 51,904 22,611

Mobecot Limited (Registered number: 01548358)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

13. DIRECTOR'S REMUNERATION

The director's remuneration for the year was as follows:

2023(£) 2022(£)
Remuneration 9,096 8,970


Other transactions with the director
a) During the year the company sold goods to the value of £232,145 (2022 - £3,562,753) to Bentex Cotton Industries Inc., a US company in which the director is materially interested as a shareholder.

b) Trade debtors include £2,213,889 (2022 - £3,415,407) by the Bentex Cotton Industries Inc. at the balance sheet date.

14. PARENT AND ULTIMATE PARENT UNDERTAKING

The company's immediate parent is Charles B Holdings Limited, incorporated in England and Wales.