Company registration number SC187603 (Scotland)
MANSEFIELD INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MANSEFIELD INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr M Patterson
Mrs S Patterson
Mr H Patterson
Company number
SC187603
Registered office
28 Albyn Place
Aberdeen
AB10 1YL
MANSEFIELD INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MANSEFIELD INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,950
26,136
Investments
4
7,500
7,500
12,450
33,636
Current assets
Debtors
5
400,835
434,550
Cash at bank and in hand
51,615
40,672
452,450
475,222
Creditors: amounts falling due within one year
6
(518,579)
(544,657)
Net current liabilities
(66,129)
(69,435)
Total assets less current liabilities
(53,679)
(35,799)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(53,681)
(35,801)
Total equity
(53,679)
(35,799)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
24 September 2024
24 September 2024
and are signed on its behalf by:
H PATTERSON
Mr H Patterson
Director
Company Registration No. SC187603
MANSEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Mansefield Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Albyn Place, Aberdeen, AB10 1YL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. At the balance sheet date, the company had net liabilities of £53,679. Included within these liabilities are amounts due to the directors of £395,215. The directors have confirmed that they will not demand repayment of this loan within twelve months and will continue to support the company. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Office equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Unlisted investments, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
MANSEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
MANSEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
9,213
2,780
19,805
30,165
61,963
Disposals
(5,713)
(2,780)
(5,973)
(18,892)
(33,358)
At 31 December 2023
3,500
13,832
11,273
28,605
Depreciation and impairment
At 1 January 2023
2,742
1,795
11,592
19,698
35,827
Depreciation charged in the year
2,303
695
4,450
7,541
14,989
Eliminated in respect of disposals
(4,024)
(2,490)
(4,517)
(16,130)
(27,161)
At 31 December 2023
1,021
11,525
11,109
23,655
Carrying amount
At 31 December 2023
2,479
2,307
164
4,950
At 31 December 2022
6,471
985
8,213
10,467
26,136
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
7,500
7,500
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,000
Other debtors
386,864
418,590
Prepayments and accrued income
7,971
15,960
400,835
434,550
MANSEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
395,215
429,187
Trade creditors
17,784
15,808
Taxation and social security
2,176
Deferred income
32,004
27,372
Other creditors
69,000
69,000
Accruals and deferred income
2,400
3,290
518,579
544,657
7
Related party transactions
During the year, the company made advances to the directors of £58,883. Credits were received of £24,911 which resulted in amounts due by the company at the year end of £395,215 (2022: £429,187). The loan is unsecured and interest free with no fixed repayment terms in place.