Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01truebuying and selling of propertyfalse11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12164667 2023-01-01 2023-12-31 12164667 2022-01-01 2022-12-31 12164667 2023-12-31 12164667 2022-12-31 12164667 c:Director1 2023-01-01 2023-12-31 12164667 d:FreeholdInvestmentProperty 2023-12-31 12164667 d:FreeholdInvestmentProperty 2022-12-31 12164667 d:CurrentFinancialInstruments 2023-12-31 12164667 d:CurrentFinancialInstruments 2022-12-31 12164667 d:Non-currentFinancialInstruments 2023-12-31 12164667 d:Non-currentFinancialInstruments 2022-12-31 12164667 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12164667 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12164667 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12164667 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12164667 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 12164667 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 12164667 d:ShareCapital 2023-12-31 12164667 d:ShareCapital 2022-12-31 12164667 d:RetainedEarningsAccumulatedLosses 2023-12-31 12164667 d:RetainedEarningsAccumulatedLosses 2022-12-31 12164667 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12164667 c:OrdinaryShareClass1 2023-12-31 12164667 c:OrdinaryShareClass1 2022-12-31 12164667 c:FRS102 2023-01-01 2023-12-31 12164667 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12164667 c:FullAccounts 2023-01-01 2023-12-31 12164667 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12164667 2 2023-01-01 2023-12-31 12164667 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12164667









MBPIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MBPIC LIMITED
REGISTERED NUMBER: 12164667

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
270,677
270,677

  
270,677
270,677

Current assets
  

Cash at bank and in hand
 5 
15,628
23,912

  
15,628
23,912

Creditors: amounts falling due within one year
 6 
(3,683)
(11,074)

Net current assets
  
 
 
11,945
 
 
12,838

Total assets less current liabilities
  
282,622
283,515

Creditors: amounts falling due after more than one year
 7 
(298,553)
(299,260)

  

Net liabilities
  
(15,931)
(15,745)


Capital and reserves
  

Called up share capital 
 9 
500
500

Profit and loss account
  
(16,431)
(16,245)

  
(15,931)
(15,745)


Page 1

 
MBPIC LIMITED
REGISTERED NUMBER: 12164667
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Michele Bisceglia
Director

Date: 30 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MBPIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MBPIC Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 504 118 Southwark Bridge Road, London, SE1 0BQ.
The principal activity of the company during the year was that of buying and selling of property, provision of consultancy services, and property rental.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Due to the uplift in interest rates, the company has made a small loss this year and at the year end continued to show net liabilities. However, the director feels this situation is relatively temporary as the prognosis of interest rates is that they will start to reduce in 2024. Furthermore, the company has sufficient cash and liquidity to carry on trading for the foreseeable future, and in any event the director stands ready to lend financial support if required.

Page 3

 
MBPIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
MBPIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
MBPIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
270,677



At 31 December 2023
270,677

The 2023 valuations were made by the director, on an open market value for existing use basis.






5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
15,628
23,912

15,628
23,912



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
2,424

Other creditors
2,183
6,808

Accruals
1,500
1,842

3,683
11,074


Page 6

 
MBPIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
298,553
299,260

298,553
299,260


Certain bank loans totalling £270,333 are secured by a fixed charge over the company's investment property.


8.


Loans


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
298,553
299,260

298,553
299,260



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500 (2022 - 500) Ordinary shares of £1.00 each
500
500


 
Page 7