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REGISTERED NUMBER: SC513712 (Scotland)















Financial Statements For The Year Ended 31 December 2023

for

MBC ELM Limited

MBC ELM Limited (Registered number: SC513712)






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


MBC ELM Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: C S Byrne
R Cole
J A McMorrow
D J McMorrow





REGISTERED OFFICE: 272 Bath Street
Glasgow
G2 4JR





REGISTERED NUMBER: SC513712 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

MBC ELM Limited (Registered number: SC513712)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,367 80,328

CURRENT ASSETS
Debtors 5 96,936 73,362
Cash at bank and in hand 536,297 510,913
633,233 584,275
CREDITORS
Amounts falling due within one year 6 1,247,668 1,223,411
NET CURRENT LIABILITIES (614,435 ) (639,136 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(523,068

)

(558,808

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (523,069 ) (558,809 )
(523,068 ) (558,808 )

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 directors acknowledge their 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.

MBC ELM Limited (Registered number: SC513712)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





J A McMorrow - Director


MBC ELM Limited (Registered number: SC513712)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

MBC ELM Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

These financial statements have been prepared under the assumption that the company will continue as a going concern. The company is in a net current liability and net liability position as at 31 December 2023 and 31 December 2022. The directors confirm that the parent company, MBC Lotteries Ltd, will continue to support the company for a period of 12 months from the date of signing the financial statements.

Turnover
Turnover represents the gross amount receivable for external lottery management services, exclusive of value added tax. Turnover is recognised when the lottery draw to which the service relates has taken place.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on cost
Computer software - 20% on cost
Computer equipment - 25% on cost

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


MBC ELM Limited (Registered number: SC513712)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Exceptional items
Exceptional items are items that are unusual because of their size, nature or incidence and which the Directors consider should be disclosed separately to enable a full understanding of the company’s results.

Trade receivables
Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

A provision is established for trade receivables if there is objective evidence that the company will not be able to collect all amounts due according to the original terms of trade. Management perform a whole of life probability weighted impairment review when there is a significant increase in credit risk. If there is a change in the timeline for recovery, the fair value of the receivable is determined by applying the effective interest rate and the resulting discounting provision is recognised in the income statement.

Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 9 ) .

MBC ELM Limited (Registered number: SC513712)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer Computer
fittings software equipment Totals
£    £    £    £   
COST
At 1 January 2023 5,080 73,523 13,290 91,893
Additions 868 29,272 4,321 34,461
At 31 December 2023 5,948 102,795 17,611 126,354
DEPRECIATION
At 1 January 2023 522 7,386 3,657 11,565
Charge for year 532 19,207 3,683 23,422
At 31 December 2023 1,054 26,593 7,340 34,987
NET BOOK VALUE
At 31 December 2023 4,894 76,202 10,271 91,367
At 31 December 2022 4,558 66,137 9,633 80,328

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 15,867
Other debtors 1,000 -
VAT 48,082 20,743
Prepayments and accrued income 47,854 36,752
96,936 73,362

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 140,062 56,786
Social security and other taxes 14,959 10,963
Other creditors 231,380 261,126
Amounts owed to group undertakings 769,882 713,593
Accruals and deferred income 91,385 180,943
1,247,668 1,223,411

MBC ELM Limited (Registered number: SC513712)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 32,639 12,333
Between one and five years 170,836 4,167
In more than five years 14,236 -
217,711 16,500