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Registered number: 08735826
M & I Financial Consultants Ltd
Financial Statements
For The Year Ended 31 October 2023
Hill Wooldridge Accountants Ltd
Chartered Certified Accountants
55 Crown Street
Brentwood
Essex
CM14 4BD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08735826
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 70,616 83,700
70,616 83,700
CURRENT ASSETS
Debtors 5 3,046 -
Cash at bank and in hand 83,639 78,788
86,685 78,788
Creditors: Amounts Falling Due Within One Year 6 (68,996 ) (43,481 )
NET CURRENT ASSETS (LIABILITIES) 17,689 35,307
TOTAL ASSETS LESS CURRENT LIABILITIES 88,305 119,007
Creditors: Amounts Falling Due After More Than One Year 7 (85,219 ) (108,828 )
NET ASSETS 3,086 10,179
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 2,986 10,079
SHAREHOLDERS' FUNDS 3,086 10,179
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Laurence Sanderson
Director
25th July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
M & I Financial Consultants Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08735826 . The registered office is 55 Crown Street, Brentwood, Essex, CM14 4BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% of cost per year
Motor Vehicles 20% of written down value per year
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2022 21,618 131,560 153,178
Additions 6,032 - 6,032
As at 31 October 2023 27,650 131,560 159,210
Depreciation
As at 1 November 2022 21,114 48,364 69,478
Provided during the period 2,477 16,639 19,116
As at 31 October 2023 23,591 65,003 88,594
Net Book Value
As at 31 October 2023 4,059 66,557 70,616
As at 1 November 2022 504 83,196 83,700
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 3,046 -
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,157 8,773
Bank loans and overdrafts 9,341 -
Other loans 1,419 -
Corporation tax 45,931 32,035
Other taxes and social security 131 25
Credit card 3,800 556
Accruals and deferred income 3,217 1,678
Directors' loan accounts - 414
68,996 43,481
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 69,944 75,101
Bank loans 15,275 33,727
85,219 108,828
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,157 8,773
Later than one year and not later than five years 69,944 75,101
75,101 83,874
75,101 83,874
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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