Mainbrace Limited |
Registered number: |
05040749 |
Balance Sheet |
as at 29 February 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
485,000 |
|
|
485,000 |
|
Current assets |
Debtors |
4 |
|
4,000 |
|
|
- |
Cash at bank and in hand |
|
|
22,692 |
|
|
27,133 |
|
|
|
26,692 |
|
|
27,133 |
|
Creditors: amounts falling due within one year |
5 |
|
(21,933) |
|
|
(36,847) |
|
Net current assets/(liabilities) |
|
|
|
4,759 |
|
|
(9,714) |
|
Total assets less current liabilities |
|
|
|
489,759 |
|
|
475,286 |
|
|
Provisions for liabilities |
|
|
|
(15,700) |
|
|
(15,700) |
|
|
Net assets |
|
|
|
474,059 |
|
|
459,586 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
6 |
|
|
76,651 |
|
|
76,651 |
Profit and loss account |
|
|
|
397,308 |
|
|
382,835 |
|
Shareholder's funds |
|
|
|
474,059 |
|
|
459,586 |
|
|
|
|
|
|
|
|
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 her 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. |
|
|
|
|
E A Harvey |
Director |
Approved by the board on 6 March 2024 |
|
Mainbrace Limited |
Notes to the Accounts |
for the year ended 29 February 2024 |
|
|
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 rental income. |
|
|
Tangible fixed assets |
|
The company carries its long leasehold investment property at fair value. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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 liabilities are not discounted. |
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 March 2023 |
485,000 |
|
At 29 February 2024 |
485,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 29 February 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 29 February 2024 |
485,000 |
|
At 28 February 2023 |
485,000 |
|
The long leasehold investment property was valued by an independent valuer with a recognised and relevant professional qualification, F J Mellor BSc MRICS, as at 21st August 2018, on the basis of market value with the benefit of an occupational lease. It is the directors opinion that the market value at the balance sheet date would not be materially different to that given in the valuation. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
4,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Taxation and social security costs |
8,407 |
|
8,404 |
|
Other creditors |
13,526 |
|
28,443 |
|
|
|
|
|
|
21,933 |
|
36,847 |
|
|
|
|
|
|
|
|
|
|
6 |
Fair value reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 March 2023 |
76,651 |
|
76,651 |
|
|
At 29 February 2024 |
76,651 |
|
76,651 |
|
|
|
|
|
|
|
|
|
|
7 |
Controlling party |
|
|
The Company is controlled by its director, Mrs E A Harvey |
|
|
8 |
Other information |
|
|
Mainbrace Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Barn End |
|
98 Grove Road |
|
Knowle, Solihull |
|
West Midlands |
|
B93 0PL |