Company registration number 15104749 (England and Wales)
MFD RESIDENTIALS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
MFD RESIDENTIALS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MFD RESIDENTIALS LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
3
57,866
Current assets
Debtors
4
35
Cash at bank and in hand
264
299
Creditors: amounts falling due within one year
5
(58,490)
Net current liabilities
(58,191)
Net liabilities
(325)
Capital and reserves
Called up share capital
6
2
Profit and loss reserves
(327)
Total equity
(325)

For the financial period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
Dr A O Arif
Director
Company registration number 15104749 (England and Wales)
MFD RESIDENTIALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

MFD Residentials Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 27 Highwoods Park, Brockhall Village, Old Langho, Blackburn, Lancashire, BB6 8HN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

The turnover in the profit and loss account represents rental income receivable on investment property held.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MFD RESIDENTIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
2
3
Investment property
2024
£
Fair value
At 30 August 2023
-
0
Additions
57,866
At 31 August 2024
57,866

Investment property is valued at historic cost which the directors consider to be the same as fair value.

4
Debtors
2024
Amounts falling due within one year:
£
Prepayments and accrued income
35
MFD RESIDENTIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
£
Other creditors
57,470
Accruals and deferred income
1,020
58,490

Other creditors includes amounts owed to the directors of £10,255 and a loan from a connected company of £47,215.

6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2024-08-312023-08-30falsefalsefalse29 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityDr A O ArifDr S A Khatana151047492023-08-302024-08-31151047492024-08-3115104749core:ShareCapital2024-08-3115104749core:RetainedEarningsAccumulatedLosses2024-08-3115104749core:ShareCapitalOrdinaryShareClass12024-08-3115104749bus:Director12023-08-302024-08-31151047492023-08-2915104749core:CurrentFinancialInstruments2024-08-3115104749bus:OrdinaryShareClass12023-08-302024-08-3115104749bus:OrdinaryShareClass12024-08-3115104749bus:PrivateLimitedCompanyLtd2023-08-302024-08-3115104749bus:SmallCompaniesRegimeForAccounts2023-08-302024-08-3115104749bus:FRS1022023-08-302024-08-3115104749bus:AuditExemptWithAccountantsReport2023-08-302024-08-3115104749bus:Director22023-08-302024-08-3115104749bus:FullAccounts2023-08-302024-08-31xbrli:purexbrli:sharesiso4217:GBP