MB Capital Limited 06948349 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of an independent wealth manager. Digita Accounts Production Advanced 6.30.9574.0 true 06948349 2023-06-01 2024-05-31 06948349 2024-05-31 06948349 bus:OrdinaryShareClass1 2024-05-31 06948349 bus:OrdinaryShareClass2 2024-05-31 06948349 bus:OrdinaryShareClass3 2024-05-31 06948349 core:CurrentFinancialInstruments 2024-05-31 06948349 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 06948349 core:FurnitureFittingsToolsEquipment 2024-05-31 06948349 bus:SmallEntities 2023-06-01 2024-05-31 06948349 bus:Audited 2023-06-01 2024-05-31 06948349 bus:FilletedAccounts 2023-06-01 2024-05-31 06948349 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06948349 bus:RegisteredOffice 2023-06-01 2024-05-31 06948349 bus:CompanySecretary1 2023-06-01 2024-05-31 06948349 bus:Director1 2023-06-01 2024-05-31 06948349 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 06948349 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 06948349 bus:OrdinaryShareClass3 2023-06-01 2024-05-31 06948349 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06948349 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 06948349 core:PlantMachinery 2023-06-01 2024-05-31 06948349 countries:AllCountries 2023-06-01 2024-05-31 06948349 2023-05-31 06948349 core:FurnitureFittingsToolsEquipment 2023-05-31 06948349 2022-06-01 2023-05-31 06948349 2023-05-31 06948349 bus:OrdinaryShareClass1 2023-05-31 06948349 bus:OrdinaryShareClass2 2023-05-31 06948349 bus:OrdinaryShareClass3 2023-05-31 06948349 core:CurrentFinancialInstruments 2023-05-31 06948349 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06948349

MB Capital Limited

Filleted Financial Statements

for the Year Ended 31 May 2024

 

MB Capital Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

MB Capital Limited

Company Information

Director

Mr M J Bullus

Company secretary

Mrs E A Bullus

Registered office

4th Floor
St Magnus House
3 Lower Thames Street
London
EC3R 6HD

Auditors

Fuller & Roper Limited
Unit 12 Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

MB Capital Limited

(Registration number: 06948349)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

-

Current assets

 

Debtors

5

40,298

45,203

Cash at bank and in hand

 

243,486

179,139

 

283,784

224,342

Creditors: Amounts falling due within one year

6

(151,896)

(75,256)

Net current assets

 

131,888

149,086

Net assets

 

131,888

149,086

Capital and reserves

 

Called up share capital

7

92,742

103,242

Capital redemption reserve

10,500

-

Retained earnings

28,646

45,844

Shareholders' funds

 

131,888

149,086

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 September 2024
 

.........................................
Mr M J Bullus
Director

 

MB Capital Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4th Floor
St Magnus House
3 Lower Thames Street
London
EC3R 6HD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 18 September 2024 was Simon Roper, who signed for and on behalf of Fuller & Roper Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

MB Capital Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on cost and 10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MB Capital Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

MB Capital Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

11,644

11,644

Disposals

(11,644)

(11,644)

At 31 May 2024

-

-

Depreciation

At 1 June 2023

11,644

11,644

Eliminated on disposal

(11,644)

(11,644)

At 31 May 2024

-

-

Carrying amount

At 31 May 2024

-

-

5

Debtors

Current

2024
£

2023
£

Trade debtors

25,637

18,084

Prepayments

14,661

27,119

 

40,298

45,203

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

78,936

30,748

Taxation and social security

12,093

7,995

Accruals and deferred income

31,349

12,805

Other creditors

29,518

23,708

151,896

75,256

 

MB Capital Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

50,794

50,794

50,794

50,794

Ordinary B of £1 each

21,948

21,948

32,448

32,448

Ordinary C of £1 each

20,000

20,000

20,000

20,000

92,742

92,742

103,242

103,242

During the year, the company purchased 10,500 Ordinary B shares, from distributable profits, at par.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,168 (2023 - £30,240).

9

Related party transactions

During the year, the company incurred expenses totalling £79,021 (2023 - £60,158) payable to Optimum FX London Limited, a company in which a close family member of M J Bullus is a director and a shareholder, and of which M J Bullus was previously a director and shareholder. Included in creditors is £20,158 (2023 - £20,158) owed by the company to Optimum FX London Limited in respect of these expenses.