53 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP 03051054 2023-07-01 2024-06-30 03051054 2024-06-30 03051054 2023-06-30 03051054 2022-07-01 2023-06-30 03051054 2023-06-30 03051054 2022-06-30 03051054 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 03051054 core:FurnitureFittings 2023-07-01 2024-06-30 03051054 core:MotorVehicles 2023-07-01 2024-06-30 03051054 bus:Director1 2023-07-01 2024-06-30 03051054 core:WithinOneYear 2024-06-30 03051054 core:WithinOneYear 2023-06-30 03051054 core:LandBuildings 2023-06-30 03051054 core:FurnitureFittings 2023-06-30 03051054 core:MotorVehicles 2023-06-30 03051054 core:LandBuildings 2024-06-30 03051054 core:FurnitureFittings 2024-06-30 03051054 core:MotorVehicles 2024-06-30 03051054 core:LandBuildings 2023-07-01 2024-06-30 03051054 core:AfterOneYear 2024-06-30 03051054 core:AfterOneYear 2023-06-30 03051054 core:ShareCapital 2024-06-30 03051054 core:ShareCapital 2023-06-30 03051054 core:RetainedEarningsAccumulatedLosses 2024-06-30 03051054 core:RetainedEarningsAccumulatedLosses 2023-06-30 03051054 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 03051054 core:Non-currentFinancialInstruments 2024-06-30 03051054 core:Non-currentFinancialInstruments 2023-06-30 03051054 core:LandBuildings 2023-06-30 03051054 core:FurnitureFittings 2023-06-30 03051054 core:MotorVehicles 2023-06-30 03051054 bus:SmallEntities 2023-07-01 2024-06-30 03051054 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03051054 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03051054 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03051054 bus:FullAccounts 2023-07-01 2024-06-30 03051054 core:OfficeEquipment 2023-07-01 2024-06-30 03051054 core:OfficeEquipment 2023-06-30 03051054 core:OfficeEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: 03051054
MBM Enterprises Limited
Filleted Unaudited Financial Statements
30 June 2024
MBM Enterprises Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,195,735
1,288,815
Investments
6
10,000
10,000
------------
------------
1,205,735
1,298,815
Current assets
Stocks
485,498
553,550
Debtors
7
777,272
810,515
Cash at bank and in hand
6,541
33,767
------------
------------
1,269,311
1,397,832
Creditors: amounts falling due within one year
8
1,006,594
1,265,215
------------
------------
Net current assets
262,717
132,617
------------
------------
Total assets less current liabilities
1,468,452
1,431,432
Creditors: amounts falling due after more than one year
9
10,830
20,830
Provisions
Taxation including deferred tax
181,231
196,821
------------
------------
Net assets
1,276,391
1,213,781
------------
------------
MBM Enterprises Limited
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
1,266,391
1,203,781
------------
------------
Shareholders funds
1,276,391
1,213,781
------------
------------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 January 2025 , and are signed on behalf of the board by:
Mr M J Madylus
Director
Company registration number: 03051054
MBM Enterprises Limited
Notes to the Financial Statements
Year ended 30 June 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 185 Gloucester Crescent, Wigston, Leicestershire, LE18 4YH.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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.
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:
Leasehold property improvements
-
2% straight line
Fixtures, fittings and equipment
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 53 (2023: 73 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
698,914
2,354,240
4,190
32,665
3,090,009
Additions
2,870
2,870
Disposals
( 1,220)
( 1,220)
---------
------------
-------
--------
------------
At 30 June 2024
698,914
2,353,020
4,190
35,535
3,091,659
---------
------------
-------
--------
------------
Depreciation
At 1 July 2023
212,675
1,554,171
3,445
30,903
1,801,194
Charge for the year
13,978
79,955
186
1,306
95,425
Disposals
( 695)
( 695)
---------
------------
-------
--------
------------
At 30 June 2024
226,653
1,633,431
3,631
32,209
1,895,924
---------
------------
-------
--------
------------
Carrying amount
At 30 June 2024
472,261
719,589
559
3,326
1,195,735
---------
------------
-------
--------
------------
At 30 June 2023
486,239
800,069
745
1,762
1,288,815
---------
------------
-------
--------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
10,000
--------
Impairment
At 1 July 2023 and 30 June 2024
--------
Carrying amount
At 30 June 2024
10,000
--------
At 30 June 2023
10,000
--------
The company owns 100% of the issued share capital of Fusion Engineering Limited.
2024
2023
£
£
Aggregate capital and reserves
Fusion Engineering Limited
(264,203)
(260,238)
---------
---------
Profit and (loss) for the year
Fusion Engineering Limited
(3,965)
(8,058)
---------
---------
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
7. Debtors
2024
2023
£
£
Trade debtors
492,477
528,345
Amounts owed by group undertakings
218,228
214,371
Prepayments and accrued income
51,300
47,663
Other debtors
15,267
20,136
---------
---------
777,272
810,515
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
137,804
10,000
Trade creditors
370,731
499,202
Accruals and deferred income
95,548
127,998
Corporation tax
39,392
4,481
Social security and other taxes
20,045
21,063
Director loan accounts
254,859
335,567
Other creditors
88,215
266,904
------------
------------
1,006,594
1,265,215
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,830
20,830
--------
--------