MB - East Midlands Limited 04936032 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the maintenance and repair of motor vehicles, the sale of motor vehicles and motor vehicle parts Digita Accounts Production Advanced 6.30.9574.0 true false 04936032 2023-01-01 2023-12-31 04936032 2023-12-31 04936032 core:RetainedEarningsAccumulatedLosses 2023-12-31 04936032 core:ShareCapital 2023-12-31 04936032 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04936032 core:Non-currentFinancialInstruments 2023-12-31 04936032 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 04936032 core:FurnitureFittingsToolsEquipment 2023-12-31 04936032 core:LandBuildings 2023-12-31 04936032 core:MotorVehicles 2023-12-31 04936032 core:OtherPropertyPlantEquipment 2023-12-31 04936032 bus:SmallEntities 2023-01-01 2023-12-31 04936032 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04936032 bus:FilletedAccounts 2023-01-01 2023-12-31 04936032 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04936032 bus:RegisteredOffice 2023-01-01 2023-12-31 04936032 bus:Director3 2023-01-01 2023-12-31 04936032 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04936032 bus:Agent1 2023-01-01 2023-12-31 04936032 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 04936032 core:FurnitureFittings 2023-01-01 2023-12-31 04936032 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04936032 core:LandBuildings 2023-01-01 2023-12-31 04936032 core:LeaseholdImprovements 2023-01-01 2023-12-31 04936032 core:MotorCars 2023-01-01 2023-12-31 04936032 core:MotorVehicles 2023-01-01 2023-12-31 04936032 core:OfficeEquipment 2023-01-01 2023-12-31 04936032 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04936032 core:PlantMachinery 2023-01-01 2023-12-31 04936032 countries:EnglandWales 2023-01-01 2023-12-31 04936032 2022-12-31 04936032 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 04936032 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 04936032 core:FurnitureFittingsToolsEquipment 2022-12-31 04936032 core:LandBuildings 2022-12-31 04936032 core:MotorVehicles 2022-12-31 04936032 core:OtherPropertyPlantEquipment 2022-12-31 04936032 2022-01-01 2022-12-31 04936032 2022-12-31 04936032 core:RetainedEarningsAccumulatedLosses 2022-12-31 04936032 core:ShareCapital 2022-12-31 04936032 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04936032 core:Non-currentFinancialInstruments 2022-12-31 04936032 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 04936032 core:FurnitureFittingsToolsEquipment 2022-12-31 04936032 core:LandBuildings 2022-12-31 04936032 core:MotorVehicles 2022-12-31 04936032 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 04936032

MB - East Midlands Limited

Unaudited Abridged Financial Statements

(Companies House version)

for the Year Ended 31 December 2023

 

MB - East Midlands Limited

Contents

Accountants' Report

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MB - East Midlands Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MB - East Midlands Limited for the year ended 31 December 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of MB - East Midlands Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MB - East Midlands Limited and state those matters that we have agreed to state to the Board of Directors of MB - East Midlands Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MB - East Midlands Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MB - East Midlands Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MB - East Midlands Limited. You consider that MB - East Midlands Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MB - East Midlands Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Page Kirk LLP
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

8 August 2024

 

MB - East Midlands Limited

(Registration number: 04936032)
Abridged Balance Sheet as at 31 December 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

45,319

 

50,163

Investments

5

 

3

 

3

   

45,322

 

50,166

Current assets

   

 

Stocks

65,829

 

30,328

 

Debtors

90,345

 

27,800

 

Cash at bank and in hand

 

122,766

 

219,643

 

 

278,940

 

277,771

 

Creditors: Amounts falling due within one year

(189,100)

 

(173,645)

 

Net current assets

   

89,840

 

104,126

Total assets less current liabilities

   

135,162

 

154,292

Provisions for liabilities

 

(6,325)

 

(5,856)

Net assets

   

128,837

 

148,436

Capital and reserves

   

 

Called up share capital

300

 

300

 

Profit and loss account

128,537

 

148,136

 

Total equity

   

128,837

 

148,436

 

MB - East Midlands Limited

(Registration number: 04936032)
Abridged Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 August 2024
 

.........................................
Mr S Raynor
Director

 

MB - East Midlands Limited

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

1

General information

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

The address of its registered office is:
First House
Unit 13 Easter Park
Lenton Lane
Nottingham
NG7 2PX

These financial statements were authorised for issue by the director on 8 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.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

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.

Government grants

Goverment grants are accounted for using the accruals model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MB - East Midlands Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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

Leasehold Property

over the period of the lease

Fixtures & Fittings

15% Straight line

Plant & Machinery

10% - 15% Straight line

Motor vehicles

25% Straight line

Office Equipment

25% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

MB - East Midlands Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MB - East Midlands Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

During the year, the average number of employees at the company was 12 (2022 - 12).

 

MB - East Midlands Limited

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

4

Tangible assets

Short leasehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2023

41,115

24,570

36,973

12,991

161,654

277,303

Additions

-

-

-

1,485

14,060

15,545

At 31 December 2023

41,115

24,570

36,973

14,476

175,714

292,848

Depreciation

At 1 January 2023

41,115

22,059

24,749

8,899

130,318

227,140

Charge for the year

-

933

4,339

1,392

13,725

20,389

At 31 December 2023

41,115

22,992

29,088

10,291

144,043

247,529

Carrying amount

At 31 December 2023

-

1,578

7,885

4,185

31,671

45,319

At 31 December 2022

-

2,511

12,224

4,092

31,336

50,163

 

MB - East Midlands Limited

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

5

Investments

Total
£

Cost or valuation

At 1 January 2023

3

Provision

Carrying amount

At 31 December 2023

3

At 31 December 2022

3

6

Obligations under leases and hire purchase contracts

Operating leases

At 31 December 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £51,809 (2022 - £60,039).