| REGISTERED NUMBER: |
| Financial Statements For The Year Ended 31 December 2024 |
| for |
| MBC ELM Limited |
| REGISTERED NUMBER: |
| Financial Statements For The Year Ended 31 December 2024 |
| for |
| MBC ELM Limited |
| MBC ELM Limited (Registered number: SC513712) |
| Contents of the Financial Statements |
| For The Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| MBC ELM Limited |
| Company Information |
| For The Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Regent Court |
| 70 West Regent Street |
| Glasgow |
| G2 2QZ |
| MBC ELM Limited (Registered number: SC513712) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| MBC ELM Limited (Registered number: SC513712) |
| Statement of Financial Position - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MBC ELM Limited (Registered number: SC513712) |
| Notes to the Financial Statements |
| For The Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| MBC ELM Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared under the assumption that the company will continue as a going concern. The company is in a net current liability and net liability position as at 31 December 2024 and 31 December 2023. The directors confirm that the parent company, MBC Lotteries Ltd, will continue to support the company for a period of 12 months from the date of signing the financial statements. |
| Turnover |
| Turnover represents the gross amount receivable for external lottery management services, exclusive of value added tax. Turnover is recognised when the lottery draw to which the service relates has taken place. |
| Intangible assets |
| Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Intangible assets - 20% on cost |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Computer software | - |
| Computer equipment | - |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| MBC ELM Limited (Registered number: SC513712) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Exceptional items |
| Exceptional items are items that are unusual because of their size, nature or incidence and which the Directors consider should be disclosed separately to enable a full understanding of the company’s results. |
| Trade receivables |
| Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. |
| A provision is established for trade receivables if there is objective evidence that the company will not be able to collect all amounts due according to the original terms of trade. Management perform a whole of life probability weighted impairment review when there is a significant increase in credit risk. If there is a change in the timeline for recovery, the fair value of the receivable is determined by applying the effective interest rate and the resulting discounting provision is recognised in the income statement. |
| Trade payables |
| Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| MBC ELM Limited (Registered number: SC513712) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Computer | Computer |
| leasehold | fittings | software | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Prepayments and accrued income |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Amounts owed to group undertakings |
| Accruals and deferred income |
| MBC ELM Limited (Registered number: SC513712) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is MBC Lotteries Ltd, a company registered in Scotland. |