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COMPANY REGISTRATION NUMBER: 226074
MBC INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
MBC INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
8,512,925
8,513,007
Investments
6
38,994
38,994
-------------
-------------
8,551,919
8,552,001
Current assets
Debtors
7
42,434
45,164
Cash at bank and in hand
44,247
132,309
---------
----------
86,681
177,473
Creditors: amounts falling due within one year
8
41,430
51,554
---------
----------
Net current assets
45,251
125,919
-------------
-------------
Total assets less current liabilities
8,597,170
8,677,920
Creditors: amounts falling due after more than one year
9
145,541
152,865
Provisions
Taxation including deferred tax
1,126,384
1,126,384
-------------
-------------
Net assets
7,325,245
7,398,671
-------------
-------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
7,315,245
7,388,671
-------------
-------------
Shareholders funds
7,325,245
7,398,671
-------------
-------------
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 comprehensive income has not been delivered.
MBC INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
For the year ending 30 June 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 20 March 2024 , and are signed on behalf of the board by:
Mr P W Bailey
Director
Company registration number: 226074
MBC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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 Unit 7B, Lakeland Business Park, Cockermouth, Cumbria, CA13 0QT.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company 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 company and its subsidiary undertakings 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
8,512,500
4,621
6,250
8,523,371
-------------
-------
-------
-------------
Depreciation
At 1 July 2022
4,233
6,131
10,364
Charge for the year
58
24
82
-------------
-------
-------
-------------
At 30 June 2023
4,291
6,155
10,446
-------------
-------
-------
-------------
Carrying amount
At 30 June 2023
8,512,500
330
95
8,512,925
-------------
-------
-------
-------------
At 30 June 2022
8,512,500
388
119
8,513,007
-------------
-------
-------
-------------
Tangible assets held at valuation
The Company's freehold investment properties were professionally valued as at 30 June 2022 based on their open market value, by three qualified surveyors with specialities in certain property types.
6. Investments
Shares in group undertakings
Shares in participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
16,830
12,540
9,624
38,994
---------
---------
-------
---------
Impairment
At 1 July 2022 and 30 June 2023
---------
---------
-------
---------
Carrying amount
At 30 June 2023
16,830
12,540
9,624
38,994
---------
---------
-------
---------
At 30 June 2022
16,830
12,540
9,624
38,994
---------
---------
-------
---------
Subsidiary companies
£
Alnwick Playhouse Limited
(Shares of £100 each) 71,617 99 99%
Williams Cinemas Limited
(Shares of £1 each) 52,520 20,001 99.99%
The companies above are incorporated in England and were dormant throughout the year.
The investment in subsidiary companies is shown at cost.
7. Debtors
2023
2022
£
£
Trade debtors
10,352
11,507
Other debtors
32,082
33,657
---------
---------
42,434
45,164
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,027
14,076
Social security and other taxes
4,438
4,662
Other creditors
21,965
32,816
---------
---------
41,430
51,554
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,404
29,728
Loans from subsidiary companies
123,137
123,137
----------
----------
145,541
152,865
----------
----------
There are no fixed dates for the repayment of the loans from the two subsidiary companies.