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Registration number: 13721352

MBH Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

MBH Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

MBH Property Limited

Company Information

Directors

Mel Baxtrem

Mark Dexter

Registered office

Stockton Business Centre, Barkess & Co
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

Accountants

Barkess & Co
Stockton Business Centre
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

 

MBH Property Limited

(Registration number: 13721352)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

650,156

663,424

Current assets

 

Debtors

5

3,369

520

Cash at bank and in hand

 

4,263

4,401

 

7,632

4,921

Creditors: Amounts falling due within one year

6

(263,930)

(261,429)

Net current liabilities

 

(256,298)

(256,508)

Total assets less current liabilities

 

393,858

406,916

Creditors: Amounts falling due after more than one year

6

(418,688)

(418,556)

Net liabilities

 

(24,830)

(11,640)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(24,832)

(11,642)

Shareholders' deficit

 

(24,830)

(11,640)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

 

MBH Property Limited

(Registration number: 13721352)
Balance Sheet as at 30 November 2023

.........................................
Mark Dexter
Director

 

MBH Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Stockton Business Centre, Barkess & Co
70-74 Brunswick Street
Stockton on Tees
TS18 1DW
England

These financial statements were authorised for issue by the Board on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

MBH Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

MBH Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

663,424

663,424

At 30 November 2023

663,424

663,424

Depreciation

Charge for the year

13,268

13,268

At 30 November 2023

13,268

13,268

Carrying amount

At 30 November 2023

650,156

650,156

At 30 November 2022

663,424

663,424

Included within the net book value of land and buildings above is £650,156 (2022 - £663,424) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Other debtors

3,369

520

 

3,369

520

 

MBH Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

263,930

260,010

Accruals and deferred income

 

-

1,420

Other creditors

 

-

(1)

 

263,930

261,429

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

418,688

418,556

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

418,688

418,549

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

418,688

418,556

 

MBH Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Current loans and borrowings

2023
£

2022
£

Other borrowings

263,930

260,010

Other borrowings

Landbay Partners Limited - Loan Agreement is denominated in GB Pounds Sterling with a nominal interest rate of 3.84%, and the final instalment is due on 13 October 2052. The carrying amount at year end is £418,688 (2022 - £418,556).

The lender holds a charge over the freehold land and buildings known as 26 Brantingham Drive, Ingleby Barwick, Stockton on Tees, TS17 5LS, which are included in the company's financial statements at a carrying amount of £650,156.

Included in the loans and borrowings are the following amounts due after more than five years:

Other loans after five years

The loan from Landbay Partners Limited is an interest only loan and the principal sum of £418,688 is repayable in full on the maturity date. Interest is paid by monthly instalments at a fixed nominal rate of 3.84% (calculated on a daily basis).

9

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

At 30 November 2023
£

Mel Baxtrem

Director's current account

520

2,848

3,368

2022

At 3 November 2021
£

Advances to director
£

At 30 November 2022
£

Mel Baxtrem

Director's current account

-

520

520

Loans from related parties

 

MBH Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023

Parent
£

Total
£

At start of period

259,998

259,998

Advanced

3,932

3,932

At end of period

263,930

263,930

2022

Parent
£

Total
£

Advanced

260,000

260,000

Repaid

(2)

(2)

At end of period

259,998

259,998

Terms of loans from related parties

An interest free start-up loan repayable upon demand.
 

10

Parent and ultimate parent undertaking

MBH Property Limited is a wholly owned subsidiary of Warrior Assault Systems Limited.

 The company's immediate parent is Warrior Assault Systems Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Warrior Assault Systems Limited. These financial statements are available upon request from Stockton Business Centre, Unit 123, 70-74 Brunswick Street, Stockton on Tees, TS18 1DW