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REGISTERED NUMBER: 07930901 (England and Wales)























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: Mr A J Mackie





REGISTERED OFFICE: 316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE





REGISTERED NUMBER: 07930901 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
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 4 537,431 602,709
Tangible assets 5 - -
537,431 602,709

CURRENT ASSETS
Debtors 6 - 38,357
Cash at bank and in hand 82,444 70,492
82,444 108,849
CREDITORS
Amounts falling due within one year 7 82,475 29,240
NET CURRENT (LIABILITIES)/ASSETS (31 ) 79,609
TOTAL ASSETS LESS CURRENT
LIABILITIES

537,400

682,318

CREDITORS
Amounts falling due after more than one
year

8

574,360

708,646
NET LIABILITIES (36,960 ) (26,328 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (36,961 ) (26,329 )
SHAREHOLDERS' FUNDS (36,960 ) (26,328 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 31 July 2024 and were signed by:





Mr A J Mackie - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

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 885,733
AMORTISATION
At 1 January 2023 283,024
Amortisation for year 65,278
At 31 December 2023 348,302
NET BOOK VALUE
At 31 December 2023 537,431
At 31 December 2022 602,709

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 1,000
DEPRECIATION
At 1 January 2023
and 31 December 2023 1,000
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 - 38,357

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 17,907 17,513
Other loans 10,000 10,000
Trade creditors (2 ) (2 )
Amounts owed to associates 45,458 -
Tax 9,112 1,729
82,475 29,240

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 11,977 17,513
Bank loans - 2-5 years 4,167 16,045
Other loans - 1-2 years 10,000 10,000
Other loans - 2-5 years 79,167 89,167
Sue O'Donnell Client Bank 469,049 575,921
574,360 708,646

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 34,051 51,071
Other loans 99,167 109,167
133,218 160,238

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).