Registered number
04040655
MFC Management Limited
Filleted Accounts
31 December 2023
MFC Management Limited
Registered number: 04040655
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 829,957 829,957
Investments 5 55,410 20,410
885,367 850,367
Current assets
Debtors 6 117,951 28,877
Cash at bank and in hand 3,067 113,335
121,018 142,212
Creditors: amounts falling due within one year 7 (51,966) (38,021)
Net current assets 69,052 104,191
Total assets less current liabilities 954,419 954,558
Creditors: amounts falling due after more than one year 8 (1,745,788) (1,557,411)
Net liabilities (791,369) (602,853)
Capital and reserves
Called up share capital 1 1
Profit and loss account (791,370) (602,854)
Shareholders' funds (791,369) (602,853)
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 R Doubtfire
Director
Approved by the board on 7 October 2024
MFC Management Limited
Notes to the Accounts
for the year ended 31 December 2023
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).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Going concern
The company has an excess of liabilities over assets at 31st December 2023 and the company's ability to continue trading is dependant on the full support of the company's directors and shareholders. The directors consider that the company will continue to trade for the foreseeable future and accordingly the financial statements are prepared on a going concern basis.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 829,957 6,862 836,819
At 31 December 2023 829,957 6,862 836,819
Depreciation
At 1 January 2023 - 6,862 6,862
At 31 December 2023 - 6,862 6,862
Net book value
At 31 December 2023 829,957 - 829,957
At 31 December 2022 829,957 - 829,957
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 20,410
Additions 35,000
At 31 December 2023 55,410
6 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 117,951 28,877
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,043 10,783
Taxation and social security costs 169 -
Other creditors 50,754 27,238
51,966 38,021
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,593,553 1,557,411
Amounts owed to group undertakings and undertakings in which the company has a participating interest 152,235 -
1,745,788 1,557,411
9 Other information
MFC Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
60 Brackendale Road
Camberley
GU15 2JY
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