MBS Components Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07284682 (England and Wales)

MBS COMPONENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

D Chapman

S D Morris

Mrs J Sharpe

REGISTERED OFFICE:

Unit L, Tyson Courtyard

Weldon South Industrial Estate

Corby

Northamptonshire

NN18 8AZ

REGISTERED NUMBER:

07284682 (England and Wales)

ACCOUNTANTS:

Haines Watts (SEM) Limited

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Tangible assets

4

19,536

24,477

Investments

5

357,100

261,050

376,636

285,527

CURRENT ASSETS

Stocks

356,590

309,544

Debtors

6

150,165

265,329

Cash at bank

8,181

7,753

514,936

582,626

CREDITORS

Amounts falling due within one year

7

477,940

526,961

NET CURRENT ASSETS

36,996

55,665

TOTAL ASSETS LESS CURRENT LIABILITIES

413,632

341,192

CREDITORS

Amounts falling due after more than one year

8

(136,763

)

(107,500

)

PROVISIONS FOR LIABILITIES

10

(3,712

)

(4,651

)

NET ASSETS

273,157

229,041

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

272,157

228,041

SHAREHOLDERS' FUNDS

273,157

229,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 September 2019 and were signed on its behalf by:

S D Morris - Director

1.	STATUTORY INFORMATION

MBS Components Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

In accordance with the principles of revenue recognition as stated in FRS 102, turnover is calculated by

reference to the stage of completion of the transaction as at the end of the accounting period, including

estimates of amounts not yet invoiced.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

50% on reducing balance

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2018

and 31 December 2018

56,332

460

1,205

57,997

DEPRECIATION

At 1 January 2018

32,241

225

1,054

33,520

Charge for year

4,818

47

76

4,941

At 31 December 2018

37,059

272

1,130

38,461

NET BOOK VALUE

At 31 December 2018

19,273

188

75

19,536

At 31 December 2017

24,091

235

151

24,477

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 January 2018

36,000

225,050

261,050

Additions

-

96,050

96,050

Reclassification/transfer

321,100

(321,100

)

-

At 31 December 2018

357,100

-

357,100

NET BOOK VALUE

At 31 December 2018

357,100

-

357,100

At 31 December 2017

36,000

225,050

261,050

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

141,072

251,420

Amounts owed by group undertakings

8,936

-

Amounts owed by associates

-

5,040

Other debtors

157

8,869

150,165

265,329

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

120,774

178,618

Amounts owed to group undertakings

-

27,128

Taxation and social security

13,546

13,006

Other creditors

343,620

308,209

477,940

526,961

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Amounts owed to group undertakings

117,180

-

Amounts owed to associates

-

82,500

Other creditors

19,583

25,000

136,763

107,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Invoice discounting

105,428

100,984

The company's invoice discounting finance is secured by a fixed and floating charge over the undertaking and

all property and assets.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

3,712

4,651

Deferred

tax

£

Balance at 1 January 2018

4,651

Provision for the year

(939

)

Balance at 31 December 2018

3,712

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

60,000

Ordinary A

1p

600

600

20,000

Ordinary B

1p

200

200

20,000

Ordinary C

1p

200

200

1,000

1,000

12.	RELATED PARTY DISCLOSURES

Global Technologies Europe Limited

Subsidiary undertaking

During the year sales were made amounting to £2,575 (2017 - £1,776) and management fees amounting to

£NIL (2017 - £NIL).

2018

2017

£

£

Amount due from/(to) related party at the balance sheet date

5,108

(27,128

)

Encitech UK Limited

Subsidiary undertaking

During the year the company made sales amounting to £NIL (2017 - £NIL).

2018

2017

£

£

Amount due (to)/from related party at the balance sheet date

(50

)

1,702

In2Connect UK Limited

Subsidiary undertaking

During the year the company made sales amounting to £31,571 (2017 - £27,163) management fees amounting

to £50,000 (2017 - £24,000) and purchases amounting to £NIL (2017-: £4,513).

2018

2017

£

£

Amount due to related party at the balance sheet date

113,302

79,162

Morris Business Solutions Limited

Common control

During the year management charges were paid amounting to £11,375 (2017 - 18,200).

2018

2017

£

£

Amount due to related party at the balance sheet date

19,450

75,000