Acorah Software Products - Accounts Production 16.1.200 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 02266529 Mr Abdullah Hassan Masry Mr Waleed Ibrahim Albrahim Mr Mohammed Ibrahim Alibrahim Clyde Secretaries Limited true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02266529 2022-12-31 02266529 2023-12-31 02266529 2023-01-01 2023-12-31 02266529 frs-core:CurrentFinancialInstruments 2023-12-31 02266529 frs-core:ShareCapital 2023-12-31 02266529 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02266529 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02266529 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 02266529 frs-bus:SmallEntities 2023-01-01 2023-12-31 02266529 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02266529 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02266529 1 2023-01-01 2023-12-31 02266529 frs-bus:Director1 2023-01-01 2023-12-31 02266529 frs-bus:Director2 2023-01-01 2023-12-31 02266529 frs-bus:Director3 2023-01-01 2023-12-31 02266529 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 02266529 frs-countries:EnglandWales 2023-01-01 2023-12-31 02266529 2021-12-31 02266529 2022-12-31 02266529 2022-01-01 2022-12-31 02266529 frs-core:CurrentFinancialInstruments 2022-12-31 02266529 frs-core:ShareCapital 2022-12-31 02266529 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 02266529
M.B.C. Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Kings Accountants Ltd
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 02266529
2023 2022
Notes £ £ £ £
Creditors: Amounts Falling Due Within One Year 4 (251,132,074 ) (251,214,048 )
NET CURRENT ASSETS (LIABILITIES) (251,132,074 ) (251,214,048 )
TOTAL ASSETS LESS CURRENT LIABILITIES (251,132,074 ) (251,214,048 )
NET LIABILITIES (251,132,074 ) (251,214,048 )
CAPITAL AND RESERVES
Called up share capital 5 13,500,000 13,500,000
Profit and Loss Account (264,632,074 ) (264,714,048 )
SHAREHOLDERS' FUNDS (251,132,074) (251,214,048)
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Waleed Ibrahim Albrahim
Director
21/09/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
M.B.C. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02266529 . The registered office is The St Botolph Building , 138, Houndsditch, London , EC3A 7AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
In 2002, MBC ceased trading. The Directors intend to liquidate the Company in the near future and therefore the Financial Statements have been presented on a break up basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 463,227 489,844
Accruals and deferred income 8,604 2,698
Amounts owed to group undertakings 15,158,682 15,219,945
Amounts owed to parent undertaking 71,334,979 71,334,979
Amounts owed to shareholders 164,166,582 164,166,582
251,132,074 251,214,048
In addition, a loan of £71,334,979 from ARA Group International Limited (the ultimate parent undertaking) and the balances of £164,166,582 represent additional shareholders’ loans certain of which have no defined repayment dates and bear a one off interest charge of 10%, applied pro-rata from the date of the loan to the end of the year in which the loans were granted. The Company’s bankers hold a Deed of Charge over credit balances held by the Company with the bank.
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 13,500,000 13,500,000
Authorised Share Capital £50,000,000 - (2021 -£50,000,000)
15,000,000 ordinary A shares of £1 each                   £15,000,000           £15,000,000
15,000,000 ordinary B shares of £1 each                   £15,000,000           £15,000,000
8,000,000 ordinary C shares of £1 each                      £8,000,000              £8,000,000
4,000,000 ordinary D shares of £1 each                      £4,000,000              £4,000,000
4,000,000 ordinary E shares of £1 each                      £4,000,000              £4,000,000
4,000,000 ordinary F shares of £1 each                      £4,000,000              £4,000,000
The rights attached to all classes of ordinary shares of the Company are set out below:
Dividend rights
Rights to dividends on all classes of ordinary shares are dictated by the regulations in Table
A of the Companies Act 1985.
Priority and amounts receivable on winding up
The priority of allocation, and the amounts receivable on a winding up are dictated by the regulations contained in Table A of the Companies Act 1985, with application to all classes of share, subject to the inclusion of the amendment prescribed by the Articles of Association to regulation 117, that the words “with the like sanction” to be inserted immediately before the words “value any assets”.
Voting rights
...CONTINUED
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5. Share Capital - continued
All shareholders, upon a poll, shall have one vote for every share, whatever class. Each class of share carries the respective voting rights and rights to appoint and remove Directors, and be subject to the restrictions of transfer herein provided but in each case and in all other aspects shall rank pari passu.
Exemption has been prescribed by the Articles of Association, that no ‘A’ shareholder shall be entitled to vote on a resolution for the appointment or removal of a ‘B’ or ‘C’ Director, and no ‘B’ shareholder shall be entitled to vote on a resolution for the appointment or removal of an ‘A’ or ‘C’ Director, and no ‘C’ shareholder shall be entitled to vote on a resolution for the appointment or removal of an ‘A’ or ‘B’ Director.
6. Related Party Transactions
There were no transactions with the Directors of MBC Limited.
Balances outstanding with group companies at the end of the year are set out in notes 7.
7. Ultimate Controlling Party
The Directors consider the ultimate parent undertaking and controlling party throughout the year and the preceding year to be ARA Group International Limited, a Company incorporated in Saudi Arabia. The parent undertaking of the smallest and largest group of undertakings for which group Financial Statements are drawn up and of which the Company is a member is ARA Group International Limited.
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