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COMPANY REGISTRATION NUMBER: 13890585
M Differences Limited
Filleted Unaudited Financial Statements
29 February 2024
M Differences Limited
Balance Sheet
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
164
247
Current assets
Stocks
10,000
10,000
Cash at bank and in hand
686
1,766
--------
--------
10,686
11,766
Creditors: amounts falling due within one year
5
63,277
55,014
--------
--------
Net current liabilities
52,591
43,248
--------
--------
Total assets less current liabilities
( 52,427)
( 43,001)
--------
--------
Net liabilities
( 52,427)
( 43,001)
--------
--------
Capital and reserves
Called up share capital
100
1
Profit and loss account
( 52,527)
( 43,002)
--------
--------
Shareholders deficit
( 52,427)
( 43,001)
--------
--------
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 profit and loss account has not been delivered.
For the year ending 29 February 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 .
M Differences Limited
Balance Sheet (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 30 December 2024 , and are signed on behalf of the board by:
Mr E Burton
Director
Company registration number: 13890585
M Differences Limited
Notes to the Financial Statements
Year ended 29 February 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 Unit A3 Broomsleigh Business, Worsley Bridge Road, London, SE26 5BN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Equipment
£
Cost
At 1 March 2023 and 29 February 2024
329
----
Depreciation
At 1 March 2023
82
Charge for the year
83
----
At 29 February 2024
165
----
Carrying amount
At 29 February 2024
164
----
At 28 February 2023
247
----
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,730
15,400
Trade creditors
1,752
Other creditors
49,795
39,614
--------
--------
63,277
55,014
--------
--------
6. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
686
1,766
----
-------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
63,378
55,015
--------
--------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr E Burton
( 28,617)
( 931)
( 29,548)
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr E Burton
( 28,617)
( 28,617)
----
--------
--------
8. Related party transactions
During the year the company received loans from ElliotBFit Limited, a company that Mr E Burton controls. At the year end the balance due to ElliotBFit Limited was £18,747 (2023 = £9,497).