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Registered Number: 05078117
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

MLM FINANCIAL LTD

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 106,419    120,526 
Investments 5 111,812    111,812 
218,231    232,338 
Current assets      
Stocks 6 140,085    142,199 
Debtors 7 414,901    373,906 
Cash at bank and in hand 7,159    8,458 
562,145    524,563 
Creditors: amount falling due within one year 8 (134,597)   (129,720)
Net current assets 427,548    394,843 
 
Total assets less current liabilities 645,779    627,181 
Creditors: amount falling due after more than one year 9 (28,058)   (44,637)
Net assets 617,721    582,544 
 

Capital and reserves
     
Called up share capital 10 100    100 
Profit and loss account 617,621    582,444 
Shareholder's funds 617,721    582,544 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 05 April 2024 and were signed on its behalf by:


-------------------------------
Mr W R Brookes
Director
1
General Information
MLM Financial Ltd is a private company, limited by shares, registered in England and Wales, registration number 05078117, registration address 6a The Professional Quarter, Shrewsbury Business Park, Shrewsbury, SY2 6LG.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Turnover
Turnover represents amounts receivable for commissions and services provided during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 15% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Financial Commitments, Guarantees and Contingencies

The bank loans are subject to a UK Government guarantee. The facility is provided through the Coronavirus Business Interruption Loan Scheme (CBILS) managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Strategy and Industrial Strategy. The CBILS guarantee is provided to the lender.

4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Total
  £   £
At 01 January 2023 185,219    185,219 
Additions 12,200    12,200 
Disposals (9,840)   (9,840)
At 31 December 2023 187,579    187,579 
Depreciation
At 01 January 2023 64,693    64,693 
Charge for year 18,809    18,809 
On disposals (2,342)   (2,342)
At 31 December 2023 81,160    81,160 
Net book values
Closing balance as at 31 December 2023 106,419    106,419 
Opening balance as at 01 January 2023 120,526    120,526 


5.

Investments

Cost Investments in group undertakings   Total
  £   £
At 01 January 2023 111,812    111,812 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 December 2023 111,812    111,812 

6.

Stocks

2023
£
  2022
£
Work in Progress 140,085    142,199 
140,085    142,199 

7.

Debtors: amounts falling due within one year

2023
£
  2022
£
Amount Owed by Group Undertakings 347,784    316,683 
Other Debtors 48,689    39,689 
396,473    356,372 

7.

Debtors: amounts falling due after one year

2023
£
  2022
£
Deferred Tax Asset 18,428    17,534 
18,428    17,534 

8.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts (Secured) 10,000    10,000 
Corporation Tax 11,819    5,702 
Accrued Expenses 500    840 
Other Creditors 8,421    8,420 
Obligations under HP/Financial Leases 18,440    19,341 
WRB loan account 85,417    85,417 
134,597    129,720 

9.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 15,833    25,833 
Obligations Under HP/Financial Leases 12,225    18,804 
28,058    44,637 

10.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

2