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REGISTERED NUMBER: 02881543 (England and Wales)















Sensible M.B.I. Limited

Audited Financial Statements

for the Year Ended 30 April 2024






Sensible M.B.I. Limited (Registered number: 02881543)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Sensible M.B.I. Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: R K Bastable
Miss A C Askey



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 02881543 (England and Wales)



AUDITORS: Maxwells
Chartered Accountants
and Statutory Auditor
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Coutts & Co
440 Strand
London
WC2R 0QS

Sensible M.B.I. Limited (Registered number: 02881543)

Abridged Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,994,828 3,371,565

CURRENT ASSETS
Debtors 6 100,000 4,661
Cash at bank 48,395 13,716
148,395 18,377
CREDITORS
Amounts falling due within one year 1,181,574 1,153,774
NET CURRENT LIABILITIES (1,033,179 ) (1,135,397 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,961,649

2,236,168

CREDITORS
Amounts falling due after more than one
year

(799,010

)

(887,500

)

PROVISIONS FOR LIABILITIES (82,100 ) (87,500 )
NET ASSETS 1,080,539 1,261,168

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 982,661 1,181,132
Retained earnings 97,778 79,936
SHAREHOLDERS' FUNDS 1,080,539 1,261,168

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Miss A C Askey - Director


Sensible M.B.I. Limited (Registered number: 02881543)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Sensible M.B.I. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques.

At the time of approving the financial statements the director has a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.

The director therefore deems the Company to continue as a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Freehold investment property is stated at current market value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Sensible M.B.I. Limited (Registered number: 02881543)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 May 2023 3,383,197
Disposals (376,440 )
At 30 April 2024 3,006,757
DEPRECIATION
At 1 May 2023 11,632
Charge for year 297
At 30 April 2024 11,929
NET BOOK VALUE
At 30 April 2024 2,994,828
At 30 April 2023 3,371,565

Cost or valuation at 30 April 2024 is represented by:

Totals
£   
Valuation in 2010 982,661
Cost 2,024,096
3,006,757

If freehold property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 2,011,276 2,189,245

Value of land in freehold land and buildings 283,305 283,305

Freehold land and buildings were valued on an open market basis on 30 April 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Amounts recoverable on contract 50,000 -

Sensible M.B.I. Limited (Registered number: 02881543)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 1,279,260 1,367,750

Bank loans are secured against the freehold property of the company, except for £13,500 which is an unsecured COVID loan included within bank loans.

8. RESERVES
Revaluation
reserve
£   
At 1 May 2023 1,181,132
Property disposals (198,471 )

At 30 April 2024 982,661

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Blannin (Senior Statutory Auditor)
for and on behalf of Maxwells

10. OTHER FINANCIAL COMMITMENTS

There is a composite guarantee with Haselbury Mill Limited in favour of Coutts & Co. the company's bankers.

11. RELATED PARTY DISCLOSURES

During the year the company owed £655,046 (2023: £592,149) to Haselbury Mill Limited, a company controlled by R K Bastable.

The company also received rental income of £66,000 during the year (2023: £66,000) from Haselbury Mill Limited.

12. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous periods by its director, R K Bastable, by virtue of the fact that he owns all of the company's issued ordinary share capital.