Company registration number 14500997 (England and Wales)
MAINLAND BRITISH CAPITAL (ONE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MAINLAND BRITISH CAPITAL (ONE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MAINLAND BRITISH CAPITAL (ONE) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
3
7,470,019
Current assets
Debtors
4
479,563
Cash at bank and in hand
648,242
1,127,805
Creditors: amounts falling due within one year
5
(2,837,126)
Net current liabilities
(1,709,321)
Total assets less current liabilities
5,760,698
Creditors: amounts falling due after more than one year
6
(4,622,850)
Net assets
1,137,848
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
1,137,748
Total equity
1,137,848
For the financial period ended 30 November 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 of its financial statements for the period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 15 August 2024
Z V Issa
Director
Company registration number 14500997 (England and Wales)
MAINLAND BRITISH CAPITAL (ONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Mainland British Capital (One) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Evolution Park, Haslingden Road, Blackburn, Lancashire, BB1 2FD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the financial support of its director and connected companies. The director is not aware of any reason why this support will not be maintained for the foreseeable future. As a result, the director has continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represent amounts receivable for services provided.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
MAINLAND BRITISH CAPITAL (ONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
MAINLAND BRITISH CAPITAL (ONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 4 -
3
Investment property
2023
£
Fair value
At 23 November 2022
Additions
7,470,019
At 30 November 2023
7,470,019
The investment properties are included in the financial statements at their historic cost. The director believes that the market value of the investment properties at the balance sheet date is not materially different from their cost.
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
272,563
Other debtors
207,000
479,563
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
810,953
Taxation and social security
641,842
Other creditors
1,384,331
2,837,126
6
Creditors: amounts falling due after more than one year
2023
£
Other creditors
4,622,850
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
100
100