MBO Safety Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06550893 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

MBO SAFETY SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs S Owen

M B Owen

SECRETARY:

Mrs S Owen

REGISTERED OFFICE:

1 Oswald Road

Oswestry

Shropshire

SY11 1RB

REGISTERED NUMBER:

06550893 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co. Limited

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

FIXED ASSETS

Intangible assets

4

18,132

20,785

Tangible assets

5

55,147

57,275

73,279

78,060

CURRENT ASSETS

Debtors

6

135,017

169,192

Cash at bank

163,056

140,024

298,073

309,216

CREDITORS

Amounts falling due within one year

7

71,926

73,753

NET CURRENT ASSETS

226,147

235,463

TOTAL ASSETS LESS CURRENT LIABILITIES

299,426

313,523

PROVISIONS FOR LIABILITIES

4,961

6,465

NET ASSETS

294,465

307,058

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

294,461

307,054

294,465

307,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 15 July 2020 and were signed on its behalf by:

Mrs S Owen - Director

1.	STATEMENT OF COMPLIANCE

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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A.

Details of the transition can be found in note 11.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Going Concern

The financial statements have been prepared on a going concern basis as the directors are of the opinion that the

Company will be able to pay its liabilities as and when they fall due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

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 12 (2019 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

22,000

4,273

26,273

AMORTISATION

At 1 April 2019

3,478

2,010

5,488

Charge for year

2,200

453

2,653

At 31 March 2020

5,678

2,463

8,141

NET BOOK VALUE

At 31 March 2020

16,322

1,810

18,132

At 31 March 2019

18,522

2,263

20,785

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

16,000

66,475

82,475

Additions

9,000

5,784

14,784

Disposals

-

(21,040

)

(21,040

)

At 31 March 2020

25,000

51,219

76,219

DEPRECIATION

At 1 April 2019

-

25,200

25,200

Charge for year

-

6,882

6,882

Eliminated on disposal

-

(11,010

)

(11,010

)

At 31 March 2020

-

21,072

21,072

NET BOOK VALUE

At 31 March 2020

25,000

30,147

55,147

At 31 March 2019

16,000

41,275

57,275

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

27,932

47,698

Other debtors

107,085

121,494

135,017

169,192

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

23,474

35,567

Taxation and social security

27,302

21,184

Other creditors

21,150

17,002

71,926

73,753

8.	OTHER FINANCIAL COMMITMENTS

The company had outstanding commitments in respect of operating leases at 31 March 2020 of £31,815 (2019:

£46,342).

9.	SECURED DEBTS

A secured fixed charge is held by the National Westminster Bank over the assets of the company in advance of a

property purchased by its parent company MSMK Holdings Limited.

10.	RELATED PARTY DISCLOSURES

11.	TRANSITION TO FRS 102 SECTION 1A

These are the company's first financial statements prepared in accordance with the provisions of Section 1A

"Small Entities" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United

Kingdom and Republic of Ireland". Previously they were prepared in accordance with FRS 105. The company

has prepared its opening balance sheet at the date of transition to FRS 102, which is 01 April 2018.

The transition to FRS 102 Section 1A has resulted in a small number of changes in accounting policies to those

used previously, as detailed below:

1 April 2018 31 March 2019

£ £

Shareholders' funds (as previously stated) 263,571 313,523

Recognition of deferred tax provision (1,640) (6,465)

_________ _________

Shareholders' funds (as restated) 261,931 307,058

_________ _________

Exemptions from full retrospective application

The company's accounting policies presented in note 3 have been applied in preparing the financial statements

for the year ended 31 March 2020, the comparative information and the opening balance sheet as at the date of

transition. Upon transition, the company has applied all the mandatory exceptions from full retrospective

application.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of MBO Safety Services Limited for the year ended 31 March 2020 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MBO Safety Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MBO Safety Services Limited and state those matters that we have agreed to state to the Board of Directors of MBO Safety Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MBO Safety Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MBO Safety Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MBO Safety Services Limited. You consider that MBO Safety Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MBO Safety Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D.R.E. & Co. Limited

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

15 July 2020