MBM Enterprises Limited Filleted accounts for Companies House (small and micro)

MBM ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03051054

MBM Enterprises Limited

Filleted Unaudited Financial Statements

30 June 2020

MBM Enterprises Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5	1,634,311	1,734,547
Investments	6	10,000	10,000
		------------	------------
		1,644,311	1,744,547

Current assets

Stocks		416,443	591,030
Debtors	7	549,252	653,755
Cash at bank and in hand		1,424	750
		---------	------------
		967,119	1,245,535

Creditors: amounts falling due within one year	8	1,233,443		1,329,935
		------------		------------
Net current liabilities			266,324	84,400
			------------	------------
Total assets less current liabilities			1,377,987	1,660,147

Creditors: amounts falling due after more than one year	9		125,591	212,790

Provisions

Taxation including deferred tax	190,211	187,166
	------------	------------
Net assets	1,062,185	1,260,191
	------------	------------

MBM Enterprises Limited

Statement of Financial Position (continued)

30 June 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	1,052,185	1,250,191
	------------	------------
Shareholders funds	1,062,185	1,260,191
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 18 January 2021 , and are signed on behalf of the board by:

Mr M J Madylus
Director

Company registration number: 03051054

MBM Enterprises Limited

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 185 Gloucester Crescent, Wigston, Leicestershire, LE18 4YH.

2. Statement of compliance

These 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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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:

Leasehold property improvements	-	2% straight line
Fixtures, fittings and equipment	-	10% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 68 (2019: 64 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 July 2019	698,914	2,348,050	10,340	30,315	3,087,619
Additions	–	88,679	–	–	88,679
Disposals	–	( 63,068)	–	–	( 63,068)
	---------	------------	--------	--------	------------
At 30 June 2020	698,914	2,373,661	10,340	30,315	3,113,230
	---------	------------	--------	--------	------------
Depreciation
At 1 July 2019	156,763	1,160,729	5,389	30,191	1,353,072
Charge for the year	13,978	122,492	1,237	124	137,831
Disposals	–	( 11,984)	–	–	( 11,984)
	---------	------------	--------	--------	------------
At 30 June 2020	170,741	1,271,237	6,626	30,315	1,478,919
	---------	------------	--------	--------	------------
Carrying amount
At 30 June 2020	528,173	1,102,424	3,714	–	1,634,311
	---------	------------	--------	--------	------------
At 30 June 2019	542,151	1,187,321	4,951	124	1,734,547
	---------	------------	--------	--------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Fixtures and fittings
	£
At 30 June 2020	362,029
	---------
At 30 June 2019	403,353
	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2019 and 30 June 2020	10,000
	--------
Impairment
At 1 July 2019 and 30 June 2020	–
	--------

Carrying amount
At 30 June 2020	10,000
	--------
At 30 June 2019	10,000
	--------

The company owns 100% of the issued share capital of Fusion Engineering Limited.

		2020	2019
		£	£

Aggregate capital and reserves

Fusion Engineering Limited	(225,722)	(217,268)
	---------	---------

Profit and (loss) for the year

Fusion Engineering Limited	(8,454)	(187)
	---------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	311,641	397,082
Amounts owed by group undertakings	169,026	173,824
Prepayments and accrued income	68,585	64,507
Other debtors	–	18,342
	---------	---------
	549,252	653,755
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	86,329	161,570
Trade creditors	318,335	413,410
Accruals and deferred income	132,001	139,491
Social security and other taxes	80,738	19,225
Obligations under finance leases and hire purchase contracts	108,793	98,574
Director loan accounts	383,023	354,013
Other creditors	124,224	143,652
	------------	------------
	1,233,443	1,329,935
	------------	------------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Obligations under finance leases and hire purchase contracts	125,591	212,790
	---------	---------

10. Related party transactions

The company occupies premises owned jointly by the directors, for which rental of £ 80,000 (2019 £ 80,000 ) per annum is paid.