Registered number
06434720
Medical Assurance Bureau (Midlands) Limited
Unaudited Filleted Accounts
31 October 2024
Medical Assurance Bureau (Midlands) Limited
Registered number: 06434720
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 8,491 8,959
Current assets
Debtors 4 11,916 10,390
Cash at bank and in hand 184,733 149,073
196,649 159,463
Creditors: amounts falling due within one year 5 (52,216) (43,253)
Net current assets 144,433 116,210
Total assets less current liabilities 152,924 125,169
Provisions for liabilities (2,099) (2,200)
Net assets 150,825 122,969
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 130,825 102,969
Shareholders' funds 150,825 122,969
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A F Holland
Director
Approved by the board on 26 November 2024
Medical Assurance Bureau (Midlands) Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 44,605
Additions 2,363
At 31 October 2024 46,968
Depreciation
At 1 November 2023 35,646
Charge for the year 2,831
At 31 October 2024 38,477
Net book value
At 31 October 2024 8,491
At 31 October 2023 8,959
4 Debtors 2024 2023
£ £
Trade debtors 7,386 4,756
Other debtors 4,530 5,634
11,916 10,390
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 52,118 42,909
Other creditors 98 344
52,216 43,253
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 4,622 9,243
7 Related party transactions
Transactions with the directors
Dividends of £83,800 were paid to Mr and Mrs A F Holland and £42,000 to Mr and Mrs R T Savage during the year.
At 31 October 2024 the company owed Mr A F Holland £88 and Mr R T Savage £10. These loans are interest free and repayable on demand.
8 Controlling party
The company is controlled by Mr A F Holland.
9 Other information
Medical Assurance Bureau (Midlands) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Olivers Mount
3 Cromwell Crescent
Worcester
Worcestershire
WR5 2JW
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