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COMPANY REGISTRATION NUMBER: 12092629
MBSI CLASSICS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2023
MBSI CLASSICS LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
210
210
Current assets
Debtors
6
2
100,009
Cash at bank and in hand
720,231
480,446
-----------
-----------
720,233
580,455
Creditors: amounts falling due within one year
7
100,806
-----------
-----------
Net current assets
619,427
580,455
-----------
-----------
Total assets less current liabilities
619,637
580,665
-----------
-----------
MBSI CLASSICS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
212
212
Profit and loss account
619,425
580,453
-----------
-----------
Shareholders funds
619,637
580,665
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
D M Honey
Director
Company registration number: 12092629
MBSI CLASSICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38 West Station Industrial Estate, Spital Road, Maldon, Essex, CM9 6TS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertaking comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 October 2022 and 30 September 2023
210
-----
Impairment
At 1 October 2022 and 30 September 2023
-----
Carrying amount
At 30 September 2023
210
-----
At 30 September 2022
210
-----
The company owns 50% of the share capital of the following company registered in the UK.
Marmi Limited.
6. Debtors
2023
2022
£
£
Other debtors
2
100,009
-----
-----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
806
Other creditors
100,000
-----------
-----
100,806
-----------
-----
8. Directors' advances, credits and guarantees
The opening loan of £100,000 was repaid during the year.
9. Controlling party
The company is controlled by its directors.