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Registered number: 14687572










MFP CANNONBALL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
MFP CANNONBALL LIMITED
REGISTERED NUMBER: 14687572

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Stocks
  
218,780

Debtors: Amounts falling due within one year
 5 
1,276,646

Cash at bank and in hand
 6 
237,417

  
1,732,843

Creditors: Amounts falling due within one year
 7 
(1,799,900)

Net current (liabilities)/assets
  
 
 
(67,057)

Total assets less current liabilities
  
(67,057)

  

Net (liabilities)/assets
  
(67,057)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(67,157)

  
(67,057)


The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 profit and loss account 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: 


................................................
W K D Laxton
Director

Date: 19 September 2024

Page 1

 
MFP CANNONBALL LIMITED
REGISTERED NUMBER: 14687572
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
MFP CANNONBALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

MFP Cannonball Limited Limited is a private limited company, limited by shares, registered in England and Wales, registration number 14687572. The registered office and trading address is 2 Babmaes Street, London, United Kingdom, SW1Y 6HD. 

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for the Company have been prepared on a going concern basis. The Company recorded a loss after tax for the financial year of £67,157 and had net liabilities of £67,057 at the date of the Statement of Financial Position. After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Borrowing costs

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

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 3

 
MFP CANNONBALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees




The average monthly number of employees, including directors, during the period was 0.


4.


Stocks

2023
£

Freehold land
218,780

218,780


Capitalised borrowing costs totalling £218,780 have been included within stock.


5.


Debtors

2023
£


Other debtors
22,646

Prepayments and accrued income
1,254,000

1,276,646



6.


Cash

2023
£

Cash at bank and in hand
237,417


Page 4

 
MFP CANNONBALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
1,799,900



8.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


During the period, 100 ordinary shares of £1 each were issued and paid at par.


9.


Controlling party

The immediate parent company is MFP Cannonball Holdings Limited, and the ultimate parent company is Mactaggart Heritable Limited, both of which are registered in England and Wales. Mactaggart Heritable Limited produces consolidated financial statements that are available to the public, from the Registrar of Companies at Companies House.
There is no single ultimate controlling party.

Page 5