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Registration number: 04995534

Mobile Masters Limited

Unaudited Filleted Financial Statements

for the Period from 29 March 2022 to 27 March 2023

 

Mobile Masters Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Mobile Masters Limited

(Registration number: 04995534)
Balance Sheet as at 27 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

133,257

136,001

Current assets

 

Stocks

42,835

42,835

Debtors

5

11,986

3,042

Cash at bank and in hand

 

-

5,996

 

54,821

51,873

Creditors: Amounts falling due within one year

6

(111,791)

(99,491)

Net current liabilities

 

(56,970)

(47,618)

Total assets less current liabilities

 

76,287

88,383

Creditors: Amounts falling due after more than one year

6

(57,066)

(63,102)

Provisions for liabilities

(2,090)

(2,090)

Net assets

 

17,131

23,191

Capital and reserves

 

Called up share capital

7

1

1

Revaluation reserve

25,817

25,817

Retained earnings

(8,687)

(2,627)

Shareholders' funds

 

17,131

23,191

 

Mobile Masters Limited

(Registration number: 04995534)
Balance Sheet as at 27 March 2023

For the financial period ending 27 March 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 

.........................................
Mr J D Weston
Director

 

Mobile Masters Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 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:
5 Parker Lane
Burnley
Lancashire
BB11 2BY

These financial statements were authorised for issue by the Board on 11 March 2024.

2

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.

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).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred 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 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.

 

Mobile Masters Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

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.

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

Land and buildings

No depreciation

Fixtures, fittings and equipment

25% per annum reducing balance basis

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.

 

Mobile Masters Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 29 March 2022

125,000

54,209

179,209

At 27 March 2023

125,000

54,209

179,209

Depreciation

At 29 March 2022

-

43,208

43,208

Charge for the period

-

2,744

2,744

At 27 March 2023

-

45,952

45,952

Carrying amount

At 27 March 2023

125,000

8,257

133,257

At 28 March 2022

125,000

11,001

136,001

Included within the net book value of land and buildings above is £125,000 (2022 - £125,000) in respect of freehold land and buildings.
 

 

Mobile Masters Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

Revaluation

The fair value of the company's land and buildings was revalued on 30 March 2020. An independent valuer was not involved. The open market valuation was carried out on the assumption that the properties would be used in the company’s business. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £99,183 (2022 - £99,183).

5

Debtors

2023
£

2022
£

Trade debtors

11,394

2,450

Other debtors

592

592

11,986

3,042

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

70,814

68,075

Trade creditors

 

-

2,995

Taxation and social security

 

1,246

468

Accruals and deferred income

 

1,200

1,200

Other creditors

 

38,531

26,753

 

111,791

99,491

Creditors due within one year include bank borrowings which are secured of £3,729 (2022 - £4,219).

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

57,066

63,102

Creditors due after one year include bank borrowings which are secured of £46,694 (2022 - £49,833).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Mobile Masters Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

57,066

63,102

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,558

7,838

Bank overdrafts

3,848

-

Other borrowings

60,408

60,237

70,814

68,075