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Company registration number: 04337362
MB SYSTEM NETWORKS LIMITED
Unaudited filleted financial statements
31 March 2024
MB SYSTEM NETWORKS LIMITED
Contents
Statement of financial position
Notes to the financial statements
MB SYSTEM NETWORKS LIMITED
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 119,549 136,869
Tangible assets 6 16,954 9,131
_______ _______
136,503 146,000
Current assets
Debtors 7 146,854 97,372
Cash at bank and in hand 112,984 70,259
_______ _______
259,838 167,631
Creditors: amounts falling due
within one year 8 ( 238,541) ( 177,861)
_______ _______
Net current assets/(liabilities) 21,297 ( 10,230)
_______ _______
Total assets less current liabilities 157,800 135,770
Creditors: amounts falling due
after more than one year 9 - ( 21,667)
Provisions for liabilities ( 1,895) ( 453)
_______ _______
Net assets 155,905 113,650
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 155,805 113,550
_______ _______
Shareholders funds 155,905 113,650
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 January 2025 , and are signed on behalf of the board by:
Mr M Boswell
Director
Company registration number: 04337362
MB SYSTEM NETWORKS LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 69 Aylesbury Road, Hockley Heath, Solihull, West Midlands, B94 6PD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
Licences - 33.33 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 282,450 282,450
Additions 43,860 43,860
_______ _______
At 31 March 2024 326,310 326,310
_______ _______
Amortisation
At 1 April 2023 145,581 145,581
Charge for the year 61,180 61,180
_______ _______
At 31 March 2024 206,761 206,761
_______ _______
Carrying amount
At 31 March 2024 119,549 119,549
_______ _______
At 31 March 2023 136,869 136,869
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 7,716 17,900 25,616
Additions - 18,000 18,000
Disposals - ( 17,900) ( 17,900)
_______ _______ _______
At 31 March 2024 7,716 18,000 25,716
_______ _______ _______
Depreciation
At 1 April 2023 7,162 9,323 16,485
Charge for the year 475 1,125 1,600
Disposals - ( 9,323) ( 9,323)
_______ _______ _______
At 31 March 2024 7,637 1,125 8,762
_______ _______ _______
Carrying amount
At 31 March 2024 79 16,875 16,954
_______ _______ _______
At 31 March 2023 554 8,577 9,131
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 136,854 83,522
Other debtors 10,000 13,850
_______ _______
146,854 97,372
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 10,000
Trade creditors 64,838 78,906
Corporation tax 58,537 26,619
Social security and other taxes 35,014 23,802
Other creditors 80,152 38,534
_______ _______
238,541 177,861
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts - 21,667
_______ _______
10. Directors advances, credits and guarantees
As at 31 March 2024, the company owed two of its directors, Mr L Morden and Mrs C Morden, an amount totalling £44,683 (2023:£4,646). As at 31 March 2024 the company owed two other directors, Mr M Boswell and Mrs L Boswell, an amount totalling £988 (2023:£53). No interest is paid on these loans.
11. Controlling party
The company is controlled by its directors by virtue of their shareholdings.