Registered number
11109853
MFM CAPITAL MANAGEMENT LIMITED
Filleted Accounts
31 December 2023
MFM CAPITAL MANAGEMENT LIMITED
Registered number: 11109853
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,946 5,692
Tangible assets 4 17,345 10,511
24,291 16,203
Current assets
Debtors 5 184,159 245,244
Cash at bank and in hand 251,684 27,869
435,843 273,113
Creditors: amounts falling due within one year 6 (316,258) (217,323)
Net current assets 119,585 55,790
Total assets less current liabilities 143,876 71,993
Creditors: amounts falling due after more than one year 7 (43,192) (44,918)
Net assets 100,684 27,075
Capital and reserves
Called up share capital 100 100
Profit and loss account 100,584 26,975
Shareholder's funds 100,684 27,075
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 his 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.
Francesco Giuseppe Noto
Director
Approved by the board on 10 April 2024
MFM CAPITAL MANAGEMENT LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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 the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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 assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Artwork £
Artwork
Cost
At 1 January 2023 5,692
Additions 1,254
At 31 December 2023 6,946
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 6,946
At 31 December 2022 5,692
Not depreciated as no capital allowances have been claimed.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 14,548
Additions 12,179
At 31 December 2023 26,727
Depreciation
At 1 January 2023 4,037
Charge for the year 5,345
At 31 December 2023 9,382
Net book value
At 31 December 2023 17,345
At 31 December 2022 10,511
5 Debtors 2023 2022
£ £
Director Loan Account - 233,934
Other debtors 184,159 11,310
184,159 245,244
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,507 11,586
Trade creditors 239,606 182,647
Taxation and social security costs 52,979 23,090
Other creditors 22,166 -
316,258 217,323
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 43,192 44,918
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Francesco Giuseppe Noto
Director Loan 233,934 - (233,934) -
233,934 - (233,934) -
9 Controlling party
The ultimate controlling party is Francesco Giuseppe Noto by virtue of his 100% holding of the ordinary share capital.
10 Other information
MFM CAPITAL MANAGEMENT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
24/25 The Shard
32 London Bridge Street
London
England
SE1 9SG
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