Registered number
07284682
MBS Components Limited
Filleted Accounts
31 December 2024
MBS Components Limited
Registered number: 07284682
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,104 6,380
Investments 4 357,100 357,100
362,204 363,480
Current assets
Stocks 291,331 296,160
Debtors 5 39,899 78,833
Cash at bank and in hand 245,568 194,805
576,798 569,798
Creditors: amounts falling due within one year 6 (315,781) (354,705)
Net current assets 261,017 215,093
Total assets less current liabilities 623,221 578,573
Provisions for liabilities (1,276) (1,212)
Net assets 621,945 577,361
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 620,945 576,361
Shareholders' funds 621,945 577,361
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S D Morris
Director
Approved by the board on 10 March 2025
MBS Components Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 20% reducing balance
Plant and machinery 20% reducing balance
Computer equipment 50% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 1,205 56,792 57,997
At 31 December 2024 1,205 56,792 57,997
Depreciation
At 1 January 2024 1,202 50,415 51,617
Charge for the year 1 1,275 1,276
At 31 December 2024 1,203 51,690 52,893
Net book value
At 31 December 2024 2 5,102 5,104
At 31 December 2023 3 6,377 6,380
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2024 357,100
At 31 December 2024 357,100
5 Debtors 2024 2023
£ £
Trade debtors 39,899 78,833
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 56,612 58,239
Amounts owed to group undertakings and undertakings in which the company has a participating interest 79,313 85,313
Director's loan 135,257 135,257
Taxation and social security costs 29,531 47,145
Other creditors 15,068 28,751
315,781 354,705
7 Related party transactions
In2Connect UK Limited
Subsidiary undertaking
Amount due to related party at the balance sheet date 79,313 85,313
8 Controlling party
The controlling party was Mr SD Morris.
9 Other information
MBS Components Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit L Tyson Courtyard
Weldon South Industrial Estate
Corby
Northamptonshire
NN18 8AZ
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