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Company No: 06513578 (England and Wales)

MANSBRIDGE BALMENT (OKEHAMPTON) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MANSBRIDGE BALMENT (OKEHAMPTON) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MANSBRIDGE BALMENT (OKEHAMPTON) LIMITED

BALANCE SHEET

As at 31 December 2023
MANSBRIDGE BALMENT (OKEHAMPTON) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,345 1,768
Investments 4 100 100
1,445 1,868
Current assets
Debtors 5 22,312 21,457
Cash at bank and in hand ( 12,486) 8,030
9,826 29,487
Creditors: amounts falling due within one year 6 ( 33,006) ( 20,609)
Net current (liabilities)/assets (23,180) 8,878
Total assets less current liabilities (21,735) 10,746
Creditors: amounts falling due after more than one year 7 ( 118,368) ( 99,019)
Provision for liabilities 25,912 12,955
Net liabilities ( 114,191) ( 75,318)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 114,291 ) ( 75,418 )
Total shareholder's deficit ( 114,191) ( 75,318)

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 financial statements of Mansbridge Balment (Okehampton) Limited (registered number: 06513578) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

Mr N D R Henderson
Director
MANSBRIDGE BALMENT (OKEHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MANSBRIDGE BALMENT (OKEHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mansbridge Balment (Okehampton) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bedford Court, 14 Plymouth Road, Tavistock, PL19 8AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 11 years straight line
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 4

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 January 2023 37,500 4,752 1,562 43,814
Additions 0 0 27 27
At 31 December 2023 37,500 4,752 1,589 43,841
Accumulated depreciation
At 01 January 2023 37,500 3,306 1,240 42,046
Charge for the financial year 0 362 88 450
At 31 December 2023 37,500 3,668 1,328 42,496
Net book value
At 31 December 2023 0 1,084 261 1,345
At 31 December 2022 0 1,446 322 1,768

4. Fixed asset investments

2023 2022
£ £
Other investments and loans 100 100

5. Debtors

2023 2022
£ £
Trade debtors 10,000 7,380
Other debtors 12,312 14,077
22,312 21,457

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 19,390 9,782
Other taxation and social security 4,426 9,675
Other creditors 9,190 1,152
33,006 20,609

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 118,368 99,019

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
51 Ordinary shares of £ 1.00 each 51 51
49 Ordinary A shares of £ 1.00 each 49 49
100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 36,000 49,500

The total amount of financial commitments not included in the balance sheet is £36,000 (2022 - £49,500).

10. Ultimate controlling party

Parent Company:

Mansbridge Balment (Group) Limited
Bedford Court,
14 Plymouth Road,
Tavistock,
Devon,
United Kingdom,
PL19 8AY

The ultimate controlling party is the director, Mr N D R Henderson.