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REGISTERED NUMBER: 03670002 (England and Wales)























Unaudited Financial Statements

for the Year Ended 31 December 2023

for

M.R. Financial Services Limited

M.R. Financial Services Limited (Registered number: 03670002)

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


M.R. Financial Services 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: 03670002 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
Chartered Accountants
316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE

M.R. Financial Services Limited (Registered number: 03670002)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 24,905 14,787
Investments 6 100 100
25,005 14,887

CURRENT ASSETS
Debtors 7 76,096 36,409
Investments 8 39,263 32,723
Cash at bank and in hand 185,246 225,369
300,605 294,501
CREDITORS
Amounts falling due within one year 9 61,336 93,676
NET CURRENT ASSETS 239,269 200,825
TOTAL ASSETS LESS CURRENT
LIABILITIES

264,274

215,712

PROVISIONS FOR LIABILITIES 5,661 2,810
NET ASSETS 258,613 212,902

CAPITAL AND RESERVES
Called up share capital 1,003 1,003
Share premium 9,000 9,000
Retained earnings 248,610 202,899
SHAREHOLDERS' FUNDS 258,613 212,902

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.

M.R. Financial Services Limited (Registered number: 03670002)

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 30 July 2024 and were signed by:





Mr A J Mackie - Director


M.R. Financial Services Limited (Registered number: 03670002)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

M.R. Financial Services 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents fees charged or commission earned from advice given. The company recognises the income from the point at which the policy is put on risk or the investment undertaken. A fee is recognised at the point the fee is paid and the majority of the work is undertaken.

Goodwill
Goodwill was written off over the estimated useful life of 10 years.

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 each asset over its estimated useful life.
Fixtures and fittings - 10% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


M.R. Financial Services Limited (Registered number: 03670002)

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.

Current asset investments
Artwork

Artwork acquired for capital appreciation purposes are recognised as current asset investments and initially recognised at cost including any transaction costs. Subsequently the asset is measured at fair value with any gains or losses arising going to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 18,000
AMORTISATION
At 1 January 2023
and 31 December 2023 18,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

M.R. Financial Services Limited (Registered number: 03670002)

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


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 57,555 30,364 87,919
Additions 13,805 2,383 16,188
At 31 December 2023 71,360 32,747 104,107
DEPRECIATION
At 1 January 2023 48,041 25,091 73,132
Charge for year 2,163 3,907 6,070
At 31 December 2023 50,204 28,998 79,202
NET BOOK VALUE
At 31 December 2023 21,156 3,749 24,905
At 31 December 2022 9,514 5,273 14,787


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 18,518 31,056
Amounts owed by group undertakings 3,901 3,901
Amounts owed by associates 45,458 -
Directors' current accounts 6,767 -
Prepayments 1,452 1,452
76,096 36,409

8. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Artwork 39,263 32,723

M.R. Financial Services Limited (Registered number: 03670002)

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


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2 1
Amounts owed to associates - 38,357
Tax 33,419 15,406
Social security and other taxes 11,357 5,522
Other creditors 13,710 29,601
Pension creditor 2,834 2,343
Directors' current accounts 14 2,446
61,336 93,676

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr A J Mackie
Balance outstanding at start of year - -
Amounts advanced 6,753 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,753 -

11. RELATED PARTY DISCLOSURES

During the year the company provided interest free loans to associated companies. The companies are associated by the virtue of having a common director.
The closing balances reflected in debtors at the year end were £49,358 (2022 creditor £34,457).
The loans are repayable upon demand.