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Registered number: 12644964
Mbk Assets Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12644964
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 717,416 355,942
717,416 355,942
CURRENT ASSETS
Debtors 5 8,804 16,142
Cash at bank and in hand 28,328 13,255
37,132 29,397
Creditors: Amounts Falling Due Within One Year 6 (9,054 ) (28,184 )
NET CURRENT ASSETS (LIABILITIES) 28,078 1,213
TOTAL ASSETS LESS CURRENT LIABILITIES 745,494 357,155
Creditors: Amounts Falling Due After More Than One Year 7 (629,691 ) (372,087 )
NET ASSETS/(LIABILITIES) 115,803 (14,932 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Other reserves 128,795 -
Profit and Loss Account (12,993 ) (14,933 )
SHAREHOLDERS' FUNDS 115,803 (14,932)
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 M B Knowles
Director
19 July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mbk Assets Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12644964 . The registered office is 2 Miller Lane, Cottam, Preston, Lancashire, PR4 0ND.
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.
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.
Rental income
Rental income from investment properties is recognised on an accruals basis with full provision being made for any irrecoverable rents.
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:
Freehold 0% on cost
Fixtures & Fittings 20% on written down value
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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 years 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 October 2022 355,308 718 356,026
Additions 232,807 - 232,807
Revaluation 128,795 - 128,795
As at 30 September 2023 716,910 718 717,628
Depreciation
As at 1 October 2022 - 84 84
Provided during the period - 128 128
As at 30 September 2023 - 212 212
Net Book Value
As at 30 September 2023 716,910 506 717,416
As at 1 October 2022 355,308 634 355,942
5. Debtors
2023 2022
as restated
£ £
Due within one year
Other debtors 8,804 16,142
6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Bank loans and overdrafts - 6,790
Other creditors 9,054 21,394
9,054 28,184
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 481,105 312,087
Other creditors 148,586 60,000
629,691 372,087
Page 4
Page 5
8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 1 1
Page 5