REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
MRFS Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
MRFS Investments Limited |
MRFS Investments Limited (Registered number: 07930901) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MRFS Investments Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
316 Blackpool Road |
Fulwood |
Preston |
Lancashire |
PR2 3AE |
MRFS Investments Limited (Registered number: 07930901) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MRFS Investments Limited (Registered number: 07930901) |
Statement of Financial Position - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MRFS Investments Limited (Registered number: 07930901) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
MRFS Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has closing net liabilities, it however is supported by its director and an associated company, MR Financial Services Limited with all borrowings being cross guaranteed. |
The Director of MR Financial Services Ltd has given personal guarantees in order to secure the financing of the purchase of Goodwill. |
Therefore the accounts have been prepared on the going concern basis. |
Turnover |
Turnover represents the Licence fees charged. |
Income is recognised as the right to it becomes an obligation. |
Goodwill |
Goodwill represents the purchase of a number of client banks of Independent Financial Advisers. |
Licence fees are charged for the use of the client data. |
Goodwill is being amortised over a 10 year period from acquisition, this is reviewed periodically. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
MRFS Investments Limited (Registered number: 07930901) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by associates |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors | ( |
) | ( |
) |
Amounts owed to associates | 45,458 | - |
Tax |
MRFS Investments Limited (Registered number: 07930901) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loans - 1-2 years | 10,000 | 10,000 |
Other loans - 2-5 years | 79,167 | 89,167 |
Sue O'Donnell Client Bank |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Other loans |
National Westminster Bank PLC have a charge dated 19 March 2014 over bank loans made to the company. The Director has personally guaranteed the loans also. |
The bank also have a cross guarantee which has been given by MR Financial Services Limited. |
The UK Government have provided a 100% guarantee on the Bounce Back Loan Scheme (BBLS), borrowings obtained from National Westminster Bank PLC in the year. |
10. | RELATED PARTY DISCLOSURES |
Companies with common control |
During the period the company received licence fees totalling £72,057 (31.12.22: £54,591) from companies with common control. |
The company also had loans outstanding to companies with common control during the year. The loans were interest free and repayable on demand. The combined total outstanding at the year end was £45,458 (31.12.22: £38,357). |