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Registered number: 08735826
M & I Financial Consultants Ltd
Financial Statements
For The Year Ended 31 October 2024
Hill Wooldridge Accountants Ltd
Chartered Certified Accountants
55 Crown Street
Brentwood
Essex
CM14 4BD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08735826
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 57,935 70,616
57,935 70,616
CURRENT ASSETS
Debtors 5 2,284 3,046
Cash at bank and in hand 86,269 83,639
88,553 86,685
Creditors: Amounts Falling Due Within One Year 6 (87,582 ) (68,996 )
NET CURRENT ASSETS (LIABILITIES) 971 17,689
TOTAL ASSETS LESS CURRENT LIABILITIES 58,906 88,305
Creditors: Amounts Falling Due After More Than One Year 7 (50,632 ) (85,219 )
NET ASSETS 8,274 3,086
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 8,174 2,986
SHAREHOLDERS' FUNDS 8,274 3,086
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For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Laurence Sanderson
Director
24th March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
M & I Financial Consultants Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08735826 . The registered office is 55 Crown Street, Brentwood, Essex, CM14 4BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% of cost per year
Motor Vehicles 20% of written down value per year
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2023 27,650 131,560 159,210
Additions 3,959 - 3,959
As at 31 October 2024 31,609 131,560 163,169
Depreciation
As at 1 November 2023 23,591 65,003 88,594
Provided during the period 3,328 13,312 16,640
As at 31 October 2024 26,919 78,315 105,234
Net Book Value
As at 31 October 2024 4,690 53,245 57,935
As at 1 November 2023 4,059 66,557 70,616
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,284 3,046
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,349 5,157
Bank loans and overdrafts 9,577 9,341
Other loans - 1,419
Corporation tax 64,115 45,931
Other taxes and social security 105 131
Net wages 2,489 -
Credit card 712 3,800
Accruals and deferred income 2,097 3,217
Directors' loan accounts 138 -
87,582 68,996
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 44,934 69,944
Bank loans 5,698 15,275
50,632 85,219
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 8,349 5,157
Later than one year and not later than five years 44,934 69,944
53,283 75,101
53,283 75,101
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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