ACCOUNTS - Final Accounts

M D FINANCIAL LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 32019-04-01falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04215592 2019-04-01 2020-03-31 04215592 2018-04-01 2019-03-31 04215592 2020-03-31 04215592 2019-03-31 04215592 c:Director1 2019-04-01 2020-03-31 04215592 d:Buildings 2019-04-01 2020-03-31 04215592 d:Buildings d:LongLeaseholdAssets 2019-04-01 2020-03-31 04215592 d:Buildings d:LongLeaseholdAssets 2020-03-31 04215592 d:Buildings d:LongLeaseholdAssets 2019-03-31 04215592 d:Buildings d:ShortLeaseholdAssets 2019-04-01 2020-03-31 04215592 d:Buildings d:ShortLeaseholdAssets 2020-03-31 04215592 d:Buildings d:ShortLeaseholdAssets 2019-03-31 04215592 d:LandBuildings 2020-03-31 04215592 d:LandBuildings 2019-03-31 04215592 d:FurnitureFittings 2019-04-01 2020-03-31 04215592 d:FurnitureFittings 2020-03-31 04215592 d:FurnitureFittings 2019-03-31 04215592 d:FurnitureFittings d:OwnedOrFreeholdAssets 2019-04-01 2020-03-31 04215592 d:OtherPropertyPlantEquipment 2019-04-01 2020-03-31 04215592 d:OtherPropertyPlantEquipment 2020-03-31 04215592 d:OtherPropertyPlantEquipment 2019-03-31 04215592 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2019-04-01 2020-03-31 04215592 d:OwnedOrFreeholdAssets 2019-04-01 2020-03-31 04215592 d:Goodwill 2020-03-31 04215592 d:Goodwill 2019-03-31 04215592 d:CurrentFinancialInstruments 2020-03-31 04215592 d:CurrentFinancialInstruments 2019-03-31 04215592 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 04215592 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 04215592 d:Non-currentFinancialInstruments d:AfterOneYear 2020-03-31 04215592 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-31 04215592 d:ShareCapital 2020-03-31 04215592 d:ShareCapital 2019-03-31 04215592 d:RetainedEarningsAccumulatedLosses 2020-03-31 04215592 d:RetainedEarningsAccumulatedLosses 2019-03-31 04215592 c:FRS102 2019-04-01 2020-03-31 04215592 c:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 04215592 c:FullAccounts 2019-04-01 2020-03-31 04215592 c:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 iso4217:GBP xbrli:pure

Registered number: 04215592

MD FINANCIAL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 March 2020

MD FINANCIAL LIMITED

Registered number: 04215592

BALANCE SHEET

As at 31 March 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	5		708		902
			708		902
Current assets
Debtors: amounts falling due within one year	6	24,440		1,040
Cash at bank and in hand	7	40,118		30,643
		64,558		31,683
Creditors: amounts falling due within one year	8	(63,020)		(10,094)
Net current assets			1,538		21,589
Total assets less current liabilities			2,246		22,491
Creditors: amounts falling due after more than one year			-		1

Net assets			2,246		22,492

Capital and reserves
Called up share capital	1	1
Profit and loss account	2,245	22,491
	2,246	22,492

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

D Healey

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MD FINANCIAL LIMITED

Registered number: 04215592

BALANCE SHEET (CONTINUED)

As at 31 March 2020

Director

Date: 22 September 2020

The notes on pages 3 to 7 form part of these financial statements.

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MD FINANCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2020

1.	General information

MD Financial Limited is a private company limited by shares, registered in the United Kingdom number 04215592. Its registered office is 26 Mercer Lane, Rochdale, Lancashire, OL11 5RU.
During the year, the principal activity of the company continued to be that of Fund Management.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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MD FINANCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2020

2.Accounting policies (continued)

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line basis.

Depreciation is provided on the following basis:

Freehold property	-	2% Straight Line
S/Term Leasehold Property	-	10% Straight Line
Fixtures & fittings	-	15% Reducing Balance
Other fixed assets	-	33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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MD FINANCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2020

2.Accounting policies (continued)

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 3 (2019 - 2).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 April 2019	31,502
	At 31 March 2020	31,502
	Amortisation
	At 1 April 2019	31,502
	At 31 March 2020	31,502
	Net book value
	At 31 March 2020	-
	At 31 March 2019	-

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MD FINANCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2020

5.	Tangible fixed assets

	L/Term Leasehold Property	S/Term Leasehold Property	Fixtures & fittings	Other fixed assets	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2019	1,070	3,487	6,817	1,990	13,364
At 31 March 2020	1,070	3,487	6,817	1,990	13,364
Depreciation
At 1 April 2019	749	3,487	6,236	1,990	12,462
Charge for the year on owned assets	107	-	87	-	194
At 31 March 2020	856	3,487	6,323	1,990	12,656
Net book value
At 31 March 2020	214	-	494	-	708
At 31 March 2019	321	-	581	-	902

The net book value of land and buildings may be further analysed as follows:
	2020	2019
	£	£

Long leasehold	214	321
	214	321

Debtors

					2020	2019
					£	£


Other debtors	24,440	1,040
	24,440	1,040

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MD FINANCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2020

7.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	40,118	30,643
	40,118	30,643

8.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Corporation tax	16,807	7,302
Other creditors	44,713	-
Accruals and deferred income	1,500	2,792
	63,020	10,094

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