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REGISTERED NUMBER: 09376907 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

MBF Commercial Ltd

MBF Commercial Ltd (Registered number: 09376907)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MBF Commercial Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M J Brown
M J Frampton
Mrs A Brown
Mrs K M Frampton





REGISTERED OFFICE: Unit J2
Juno Building
Daedalus Park, Daedalus Drive
Lee On The Solent
Hampshire
PO13 9FX





REGISTERED NUMBER: 09376907 (England and Wales)





ACCOUNTANTS: Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

MBF Commercial Ltd (Registered number: 09376907)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 56,808 49,216

CURRENT ASSETS
Stocks 8,950 21,200
Debtors 5 98,304 153,181
Cash at bank 324,995 107,901
432,249 282,282
CREDITORS
Amounts falling due within one year 6 385,372 203,229
NET CURRENT ASSETS 46,877 79,053
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,685

128,269

CREDITORS
Amounts falling due after more than one
year

7

(39,236

)

(70,990

)

PROVISIONS FOR LIABILITIES (14,202 ) (12,304 )
NET ASSETS 50,247 44,975

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 50,246 44,974
SHAREHOLDERS' FUNDS 50,247 44,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MBF Commercial Ltd (Registered number: 09376907)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:




M J Brown - Director



M J Frampton - Director


MBF Commercial Ltd (Registered number: 09376907)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

MBF Commercial Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires the use of estimates and assumptions that affect reported
amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. These estimates and assumptions are based on management's best knowledge of the amount, events or actions. Actual results may differ from those amounts.

Management do not consider there to be any significant judgements or estimates used in the preparation of these financial statements.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MBF Commercial Ltd (Registered number: 09376907)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 10,675 25,821 116,723 12,250 165,469
Additions - - 31,790 - 31,790
Disposals - - (25,290 ) - (25,290 )
At 31 December 2023 10,675 25,821 123,223 12,250 171,969
DEPRECIATION
At 1 January 2023 7,634 15,677 84,675 8,267 116,253
Charge for year 1,067 2,536 13,797 797 18,197
Eliminated on disposal - - (19,289 ) - (19,289 )
At 31 December 2023 8,701 18,213 79,183 9,064 115,161
NET BOOK VALUE
At 31 December 2023 1,974 7,608 44,040 3,186 56,808
At 31 December 2022 3,041 10,144 32,048 3,983 49,216

MBF Commercial Ltd (Registered number: 09376907)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 72,444
Transfer to ownership (37,890 )
At 31 December 2023 34,554
DEPRECIATION
At 1 January 2023 48,932
Charge for year 5,878
Transfer to ownership (29,367 )
At 31 December 2023 25,443
NET BOOK VALUE
At 31 December 2023 9,111
At 31 December 2022 23,512

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 70,578 151,403
Other debtors 27,726 1,778
98,304 153,181

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 9,705 10,122
Hire purchase contracts (see note 8) 3,704 14,876
Trade creditors 51,019 49,319
Amounts owed to group undertakings 183,311 43,390
Taxation and social security 98,799 58,437
Other creditors 38,834 27,085
385,372 203,229

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 6,507 15,556
Hire purchase contracts (see note 8) - 3,095
Other creditors 32,729 52,339
39,236 70,990

MBF Commercial Ltd (Registered number: 09376907)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 3,776 15,603
Between one and five years - 3,147
3,776 18,750

Finance charges repayable:
Within one year 72 727
Between one and five years - 52
72 779

Net obligations repayable:
Within one year 3,704 14,876
Between one and five years - 3,095
3,704 17,971

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Frampton and M J Brown,directors.