Company registration number 05741374 (England and Wales)
MBC SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MBC SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MBC SOLICITORS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
112,000
124,000
Tangible assets
4
505,301
481,082
617,301
605,082
Current assets
Stocks
157,178
119,854
Debtors
5
111,352
181,861
Cash at bank and in hand
13,073
166,513
281,603
468,228
Creditors: amounts falling due within one year
6
(177,375)
(275,806)
Net current assets
104,228
192,422
Total assets less current liabilities
721,529
797,504
Creditors: amounts falling due after more than one year
7
(163,162)
(194,005)
Provisions for liabilities
(17,514)
(8,708)
Net assets
540,853
594,791
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
540,850
594,788
Total equity
540,853
594,791

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
K Morgan
L Brown
Director
Director
Company registration number 05741374 (England and Wales)
MBC SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
1% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Work in progress is valued at the lower of cost and net realisable value.

1.7
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.

MBC SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.8
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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MBC SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.13
Company information

MBC Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Bexley Square, Salford, Manchester, M3 6BZ.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
14
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
240,000
Amortisation and impairment
At 1 December 2022
116,000
Amortisation charged for the year
12,000
At 30 November 2023
128,000
Carrying amount
At 30 November 2023
112,000
At 30 November 2022
124,000
MBC SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
439,642
86,761
526,403
Additions
-
0
61,655
61,655
Disposals
-
0
(42,168)
(42,168)
At 30 November 2023
439,642
106,248
545,890
Depreciation and impairment
At 1 December 2022
4,396
40,925
45,321
Depreciation charged in the year
-
0
4,545
4,545
Eliminated in respect of disposals
-
0
(9,277)
(9,277)
At 30 November 2023
4,396
36,193
40,589
Carrying amount
At 30 November 2023
435,246
70,055
505,301
At 30 November 2022
435,246
45,836
481,082
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90,085
164,371
Other debtors
21,267
17,490
111,352
181,861
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
78,058
59,000
Trade creditors
7,966
84,979
Taxation and social security
90,275
111,534
Other creditors
1,076
20,293
177,375
275,806
MBC SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
135,840
194,005
Obligations under finance leases
27,322
-
0
163,162
194,005

A 6 year repayment loan was taken out with The Royal Bank of Scotland plc during November 2020 for the sum of £315,000. Interest will be charged at 4.61% above Base Rate. This loan is secured against the two properties owned by the company; 10 Bexley Square, Salford and 12 Victoria Avenue, Blackley.

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