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Registration number: 04892765

MFD Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

MFD Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MFD Solutions Limited

Company Information

Directors

S Bennett

RG Brister

Company secretary

RG Brister

Registered office

Berkeley Square House Berkeley Square
Mayfair
London
W1J 6BD

Accountants

Churchills
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE

 

MFD Solutions Limited

(Registration number: 04892765)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,274

1,017

Current assets

 

Stocks

5

159,929

115,725

Debtors

6

811,342

1,907,299

Cash at bank and in hand

 

104,984

77,605

 

1,076,255

2,100,629

Creditors: Amounts falling due within one year

(587,966)

(1,320,626)

Net current assets

 

488,289

780,003

Total assets less current liabilities

 

507,563

781,020

Creditors: Amounts falling due after more than one year

(587,101)

(524,195)

Net (liabilities)/assets

 

(79,538)

256,825

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(79,638)

256,725

Shareholders' (deficit)/funds

 

(79,538)

256,825

 

MFD Solutions Limited

(Registration number: 04892765)
Balance Sheet as at 31 October 2023 (continued)

For the financial 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.

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 30 July 2024 and signed on its behalf by:
 

.........................................
RG Brister
Company secretary and director

 

MFD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Berkeley Square House Berkeley Square
Mayfair
London
W1J 6BD
England

These financial statements were authorised for issue by the Board on 30 July 2024.

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

MFD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MFD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

MFD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 5).

 

MFD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

6,232

-

6,232

Additions

3,892

15,209

19,101

At 31 October 2023

10,124

15,209

25,333

Depreciation

At 1 November 2022

5,215

-

5,215

Charge for the year

527

317

844

At 31 October 2023

5,742

317

6,059

Carrying amount

At 31 October 2023

4,382

14,892

19,274

At 31 October 2022

1,017

-

1,017

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

159,929

115,725

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

154,391

523,090

Amounts owed by related parties

10

654,851

703,408

Other debtors

 

2,100

680,801

   

811,342

1,907,299

 

MFD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,626

-

Trade creditors

 

172,096

148,826

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

52,420

104,004

Taxation and social security

 

218,176

216,933

Other creditors

 

139,648

850,863

 

587,966

1,320,626

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

541,286

524,195

Other non-current financial liabilities

 

45,815

-

 

587,101

524,195

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

60

60

60

60

Ordinary B of £1 each

40

40

40

40

100

100

100

100

 

MFD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

100,091

136,091

Hire purchase contracts

14,209

-

Other borrowings

426,986

388,104

541,286

524,195

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

5,626

-

9

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of £5,500.10 (2022 - £1,664.8728) per each Ordinary A

550,010

166,487

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,200

19,200