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Registration number: 07396003

ML Financial Associates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

ML Financial Associates Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

ML Financial Associates Limited

Registration number: 07396003

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

66,161

2,305

Current assets

 

Debtors

5

155,721

150,220

Cash at bank and in hand

 

580,070

600,953

 

735,791

751,173

Creditors: Amounts falling due within one year

6

(276,819)

(271,837)

Net current assets

 

458,972

479,336

Total assets less current liabilities

 

525,133

481,641

Creditors: Amounts falling due after more than one year

6

(56,589)

-

Provisions for liabilities

(871)

(438)

Net assets

 

467,673

481,203

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

467,373

480,903

Total equity

 

467,673

481,203



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

ML Financial Associates Limited

Registration number: 07396003

Balance Sheet as at 30 June 2023 (continued)

For the financial 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 accounts for the year 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 20 March 2024 and signed on its behalf by:
 


C D McClurg
Director


S D Lister
Director

 

ML Financial Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England..

The address of its registered office is:
The Main Barn
Elm Farm Business Park, Norwich Common
Wymondham
Norfolk
NR18 0SW
United Kingdom

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

ML Financial Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets. Government grants in relation to expenditure are credited when the expenditure is charged to the profit and loss.

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 income 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixture, fittings and equipment

20% straight line

Motor Vehicles

25% Reducing balance

 

ML Financial Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 17).

 

ML Financial Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

125,908

-

125,908

Additions

7,584

79,976

87,560

At 30 June 2023

133,492

79,976

213,468

Depreciation

At 1 July 2022

123,603

-

123,603

Charge for the year

3,711

19,993

23,704

At 30 June 2023

127,314

19,993

147,307

Carrying amount

At 30 June 2023

6,178

59,983

66,161

At 30 June 2022

2,305

-

2,305

 

ML Financial Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Debtors

Current

2023
£

2022
£

Trade debtors

21,128

32,598

Prepayments

51,047

50,669

Other debtors

83,546

66,953

 

155,721

150,220

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

9,628

-

Trade creditors

 

17,893

12,194

Directors loan account

1,690

624

Taxation and social security

 

235,098

249,814

Other creditors

 

12,510

9,205

 

276,819

271,837

Due after one year

 

Loans and borrowings

8

56,589

-

 

ML Financial Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

44

44

44

44

B Ordinary of £1 each

44

44

44

44

C Ordinary of £1 each

93

93

93

93

D Ordinary of £1 each

93

93

93

93

E Ordinary of £1 each

13

13

13

13

F Ordinary of £1 each

13

13

13

13

 

300

300

300

300

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

56,589

-

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

9,628

-