Registered number
06590841
Midlands Business Solutions Limited
Filleted Accounts
30 November 2023
Midlands Business Solutions Limited
Registered number: 06590841
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 179 471
Investments 5 1,539,174 1,539,174
1,539,353 1,539,645
Current assets
Debtors 6 78 78
Investments held as current assets 7 217,887 196,943
Cash at bank and in hand 170,235 132,381
388,200 329,402
Creditors: amounts falling due within one year 8 (59,911) (3,446)
Net current assets 328,289 325,956
Total assets less current liabilities 1,867,642 1,865,601
Provisions for liabilities (34) (89)
Net assets 1,867,608 1,865,512
Capital and reserves
Called up share capital 2 2
Revaluation reserve 9 1,107 (15,277)
Profit and loss account 1,866,499 1,880,787
Shareholders' funds 1,867,608 1,865,512
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Habib
Director
Approved by the board on 29 August 2024
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental of residential properties. Turnover is recognised when it is received.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 187,298
At 30 November 2023 187,298
Amortisation
At 1 December 2022 187,298
At 30 November 2023 187,298
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 1,778
At 30 November 2023 1,778
Depreciation
At 1 December 2022 1,307
Charge for the year 292
At 30 November 2023 1,599
Net book value
At 30 November 2023 179
At 30 November 2022 471
5 Investments
Other
investments
£
Cost
At 1 December 2022 1,539,174
At 30 November 2023 1,539,174
The properties have been valued at 30 November 2023 by the director of the company in line with market value.
6 Debtors 2023 2022
£ £
Other debtors 78 78
7 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 217,887 196,943
8 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 590
Corporation tax 3,752 2,056
Other creditors 56,159 800
59,911 3,446
9 Revaluation reserve 2023 2022
£ £
At 1 December 2022 (15,277) -
Gain/(loss) on revaluation of investments 16,384 (15,277)
At 30 November 2023 1,107 (15,277)
10 Other information
Midlands Business Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
176 Lavender Avenue
Coventry
CV6 1DL
The principal place of business is:
53 Hepworth Road
Coventry
CV3 2XE
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