MB Audio Consulting Ltd Company accounts

MB AUDIO CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 7723265

MB Audio Consulting Ltd

Unaudited Abridged Financial Statements

31 July 2019

MB Audio Consulting Ltd

Abridged Financial Statements

Year ended 31 July 2019

Contents	Page

Director's report	1

Abridged statement of comprehensive income	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

MB Audio Consulting Ltd

Director's Report

Year ended 31 July 2019

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 July 2019 .

Director

The director who served the company during the year was as follows:

M Butler

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 27 February 2020 and signed on behalf of the board by:

M Butler
Director

Registered office:

4 Hadleigh Business Centre

351 London Road

Hadleigh

Essex

SS7 2BT

MB Audio Consulting Ltd

Abridged Statement of Comprehensive Income

Year ended 31 July 2019

	2019	2018
Note	£	£
Gross profit	69,727	62,708

Administrative expenses	32,802	30,783
	--------	--------
Operating profit	36,925	31,925

		--------	--------
Profit before taxation	5	36,925	31,925

Tax on profit	7,053	6,128
	--------	--------
Profit for the financial year and total comprehensive income	29,872	25,797
	--------	--------

All the activities of the company are from continuing operations.

MB Audio Consulting Ltd

Abridged Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		782	978

Current assets

Debtors	177	177
Cash at bank and in hand	11,285	5,897
	--------	-------
	11,462	6,074

Creditors: amounts falling due within one year	8,752		6,932
	--------		-------
Net current assets/(liabilities)		2,710	( 858)
		-------	----
Total assets less current liabilities		3,492	120
		-------	----
Net assets		3,492	120
		-------	----

Capital and reserves

Called up share capital	1	1
Profit and loss account	3,491	119
	-------	----
Shareholders funds	3,492	120
	-------	----

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.

MB Audio Consulting Ltd

Abridged Statement of Financial Position (continued)

31 July 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 27 February 2020 , and are signed on behalf of the board by:

M Butler
Director

Company registration number: 7723265

MB Audio Consulting Ltd

Statement of Changes in Equity

Year ended 31 July 2019

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 August 2017	1	3,322	3,323

Profit for the year		25,797	25,797
	----	--------	--------
Total comprehensive income for the year	–	25,797	25,797

Dividends paid and payable	–	( 29,000)	( 29,000)
	----	--------	--------
Total investments by and distributions to owners	–	( 29,000)	( 29,000)

At 31 July 2018	1	119	120

Profit for the year		29,872	29,872
	----	--------	--------
Total comprehensive income for the year	–	29,872	29,872

Dividends paid and payable	–	( 26,500)	( 26,500)
	----	--------	--------
Total investments by and distributions to owners	–	( 26,500)	( 26,500)

	----	--------	--------
At 31 July 2019	1	3,491	3,492
	----	--------	--------

MB Audio Consulting Ltd

Notes to the Abridged Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Hadleigh Business Centre, 351 London Road, Hadleigh, Essex, SS7 2BT.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services supplied.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	196	326
	----	----

6. Tangible assets

	£
Cost
At 1 August 2018 and 31 July 2019	3,989
	-------
Depreciation
At 1 August 2018	3,011
Charge for the year	196
	-------
At 31 July 2019	3,207
	-------
Carrying amount
At 31 July 2019	782
	-------
At 31 July 2018	978
	-------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
M Butler	–	( 500)	( 500)
	----	----	----

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
M Butler	( 369)	369	–
	----	----	----

8. Related party transactions

The company was under the control of M Butler throughout the current and previous year in his capacity as managing director and majority shareholder.