Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr D Garnsworthy 19/01/2018 31 October 2024 The principle activity of the company during the year was that of letting commercial units and the sale of vans. 11160069 2024-01-31 11160069 bus:Director1 2024-01-31 11160069 2023-01-31 11160069 core:CurrentFinancialInstruments 2024-01-31 11160069 core:CurrentFinancialInstruments 2023-01-31 11160069 core:Non-currentFinancialInstruments 2024-01-31 11160069 core:Non-currentFinancialInstruments 2023-01-31 11160069 core:ShareCapital 2024-01-31 11160069 core:ShareCapital 2023-01-31 11160069 core:FurtherSpecificReserve1ComponentTotalEquity 2024-01-31 11160069 core:FurtherSpecificReserve1ComponentTotalEquity 2023-01-31 11160069 core:RetainedEarningsAccumulatedLosses 2024-01-31 11160069 core:RetainedEarningsAccumulatedLosses 2023-01-31 11160069 core:InvestmentPropertyIncludedWithinPPE 2023-01-31 11160069 core:Vehicles 2023-01-31 11160069 core:InvestmentPropertyIncludedWithinPPE 2024-01-31 11160069 core:Vehicles 2024-01-31 11160069 2023-02-01 2024-01-31 11160069 bus:FilletedAccounts 2023-02-01 2024-01-31 11160069 bus:SmallEntities 2023-02-01 2024-01-31 11160069 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11160069 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11160069 bus:Director1 2023-02-01 2024-01-31 11160069 core:Vehicles 2023-02-01 2024-01-31 11160069 2022-02-01 2023-01-31 11160069 core:InvestmentPropertyIncludedWithinPPE 2023-02-01 2024-01-31 11160069 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 11160069 (England and Wales)

UNIT 2 MBC LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

UNIT 2 MBC LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

UNIT 2 MBC LIMITED

BALANCE SHEET

As at 31 January 2024
UNIT 2 MBC LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 336,690 214,011
336,690 214,011
Current assets
Stocks 4 16,000 158,271
Debtors 5 143,162 82,462
Cash at bank and in hand 17,855 23,501
177,017 264,234
Creditors: amounts falling due within one year 6 ( 186,313) ( 221,005)
Net current (liabilities)/assets (9,296) 43,229
Total assets less current liabilities 327,394 257,240
Creditors: amounts falling due after more than one year 7 ( 221,024) ( 232,851)
Net assets 106,370 24,389
Capital and reserves
Called-up share capital 100 100
Fair value reserve 64,492 0
Profit and loss account 41,778 24,289
Total shareholder's funds 106,370 24,389

For the financial year ending 31 January 2024 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 Unit 2 MBC Limited (registered number: 11160069) were approved and authorised for issue by the Director on 31 October 2024. They were signed on its behalf by:

Mr D Garnsworthy
Director
UNIT 2 MBC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
UNIT 2 MBC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
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

Unit 2 MBC 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 Units 33 And 35 Mereside, Osprey Quay, Portland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Vehicles 20 % 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.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Vehicles Total
£ £ £
Cost
At 01 February 2023 214,011 0 214,011
Additions 0 45,863 45,863
Revaluations 85,989 0 85,989
At 31 January 2024 300,000 45,863 345,863
Accumulated depreciation
At 01 February 2023 0 0 0
Charge for the financial year 0 9,173 9,173
At 31 January 2024 0 9,173 9,173
Net book value
At 31 January 2024 300,000 36,690 336,690
At 31 January 2023 214,011 0 214,011

Investment properties

The fair value of the company’s investment property was revalued on 31 January 2024 by the board of directors. The valuation was conducted at current open market value. There has been no valuation by an independent valuer.

The deferred tax attributable to the investment property has been considered and £21,497 has been provided in the financial statements.

4. Stocks

2024 2023
£ £
Stocks 16,000 158,271

5. Debtors

2024 2023
£ £
Trade debtors 13,700 0
Amounts owed by associates 129,462 82,462
143,162 82,462

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 11,827 12,276
Trade creditors 14,109 0
Taxation and social security 1,544 13,684
Obligations under finance leases and hire purchase contracts 4,972 9,026
Other creditors 153,861 186,019
186,313 221,005

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

2024 2023
£ £
Bank loans 185,520 196,747
Obligations under finance leases and hire purchase contracts 35,504 36,104
221,024 232,851

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