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COMPANY REGISTRATION NUMBER: 09320771
MNB Ventures Limited
Filleted Unaudited Financial Statements
31 December 2023
MNB Ventures Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,468,624
1,171,140
Investments
6
5,770,814
5,540,603
------------
------------
7,239,438
6,711,743
Current assets
Debtors
7
410,125
165,677
Cash at bank and in hand
1,321,652
1,179,174
------------
------------
1,731,777
1,344,851
Creditors: amounts falling due within one year
8
175,696
808,215
------------
------------
Net current assets
1,556,081
536,636
------------
------------
Total assets less current liabilities
8,795,519
7,248,379
Provisions
Taxation including deferred tax
30,924
( 99,035)
------------
------------
Net assets
8,764,595
7,347,414
------------
------------
Capital and reserves
Called up share capital
16
15
Profit and loss account
8,764,579
7,347,399
------------
------------
Shareholders funds
8,764,595
7,347,414
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MNB Ventures Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mrs N Broughton
Director
Company registration number: 09320771
MNB Ventures Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Picton Lane, Swansea, SA1 4AF, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity . 4. Employee numbers The average number of persons employed by the company during the year amounted to 2 (2022: 2 ). 5. Tangible assets
Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 1 January 2023 1,169,457 10,161 1,179,618
Additions 298,061 399 298,460
------------ -------- ------------
At 31 December 2023 1,467,518 10,560 1,478,078
------------ -------- ------------
Depreciation
At 1 January 2023 8,478 8,478
Charge for the year 976 976
------------ -------- ------------
At 31 December 2023 9,454 9,454
------------ -------- ------------
Carrying amount
At 31 December 2023 1,467,518 1,106 1,468,624
------------ -------- ------------
At 31 December 2022 1,169,457 1,683 1,171,140
------------ -------- ------------
Included within the above is investment property as follows:
£
At 1 January 2023 1,169,457
Additions 298,062
------------
At 31 December 2023 1,467,519
------------
The properties were valued by the directors based on their experience of the local property market at the balance sheet date. Based on this knowledge the directors have determined that the properties have not significantly changed from their cost value due to the ongoing repairs and building work currently being carried out. 6. Investments
Shares in participating interests Other investments other than loans Other loans Total
£ £ £ £
Cost
At 1 January 2023 10 1,040,593 4,500,000 5,540,603
Additions 116,586 116,586
Disposals ( 4,970) ( 4,970)
Revaluations 127,143 127,143
Other movements ( 8,548) ( 8,548)
---- ------------ ------------ ------------
At 31 December 2023 10 1,162,766 4,608,038 5,770,814
---- ------------ ------------ ------------
Impairment
At 1 January 2023 and 31 December 2023
---- ------------ ------------ ------------
Carrying amount
At 31 December 2023 10 1,162,766 4,608,038 5,770,814
---- ------------ ------------ ------------
At 31 December 2022 10 1,040,593 4,500,000 5,540,603
---- ------------ ------------ ------------
Investments held at valuation The directors have used the market value of the Listed Investments based on information provided by St James's Place Partnership, a business regulated by the Financial Conduct Authority, at 31 December 2023 and 31 December 2022. In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Shares in participating interests Other investments other than loans Other loans Total
£ £ £ £
At 31 December 2023
Aggregate cost 10 1,019,926 4,608,038 5,627,974
Aggregate depreciation
---- ------------ ------------ ------------
Carrying value 10 1,019,926 4,608,038
At 31 December 2022
Aggregate cost
10
1,040,593
4,500,000
5,540,603
Aggregate depreciation
----
------------
------------
------------
Carrying value
10
1,040,593
4,500,000
5,540,603
----
------------
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
51,750
Other debtors
358,375
165,677
---------
---------
410,125
165,677
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
22,780
Social security and other taxes
8,625
Other creditors
144,291
808,215
---------
---------
175,696
808,215
---------
---------
5,627,974
---- ------------ ------------ ------------