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

REGISTERED NUMBER: 07284682 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

MBS COMPONENTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

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:

Fortus Midlands Limited

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Tangible assets

4

12,474

15,606

Investments

5

357,100

357,100

369,574

372,706

CURRENT ASSETS

Stocks

198,190

312,412

Debtors

6

110,172

84,143

Cash at bank

85,923

35,897

394,285

432,452

CREDITORS

Amounts falling due within one year

7

344,722

462,589

NET CURRENT ASSETS/(LIABILITIES)

49,563

(30,137

)

TOTAL ASSETS LESS CURRENT LIABILITIES

419,137

342,569

CREDITORS

Amounts falling due after more than one year

8

(104,128

)

(124,436

)

PROVISIONS FOR LIABILITIES

10

(2,370

)

(2,965

)

NET ASSETS

312,639

215,168

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

311,639

214,168

SHAREHOLDERS' FUNDS

312,639

215,168

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 16 April 2021 and were signed on its behalf by:

D Chapman - 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

Investments in subsidiary 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.

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.

Government grants

Government grants relating to the Coronavirus Job Retention Scheme are recognised in income in the period in which it becomes receivable under the performance model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2020

and 31 December 2020

56,332

460

1,205

57,997

DEPRECIATION

At 1 January 2020

40,914

310

1,167

42,391

Charge for year

3,083

30

19

3,132

At 31 December 2020

43,997

340

1,186

45,523

NET BOOK VALUE

At 31 December 2020

12,335

120

19

12,474

At 31 December 2019

15,418

150

38

15,606

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

357,100

NET BOOK VALUE

At 31 December 2020

357,100

At 31 December 2019

357,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

73,971

71,172

Amounts owed by group undertakings

12,971

12,971

Other debtors

23,230

-

110,172

84,143

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

57,584

121,670

Taxation and social security

11,262

4,536

Other creditors

275,876

336,383

344,722

462,589

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Amounts owed to group undertakings

104,128

119,436

Other creditors

-

5,000

104,128

124,436

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Invoice discounting

94,921

115,041

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

2020

2019

£

£

Deferred tax

2,370

2,965

Deferred

tax

£

Balance at 1 January 2020

2,965

Provided during year

(595

)

Provision for the year

Balance at 31 December 2020

2,370

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

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

Morris Business Solutions Limited

Common control

During the year management charges were paid amounting to £Nil (2019 - £22,240).

2020

2019

£

£

Amount due to related party at the balance sheet date

-

22,240

Global Technologies Europe Limited

Subsidiary undertaking

During the year sales were made amounting to £Nil (2019 - £Nil) and management fees amounting to £Nil (2019 - £Nil).

2020

2019

£

£

Amount due from related party at the balance sheet date

9,143

9,143

Encitech UK Limited

Subsidiary undertaking

During the year the company made sales amounting to £Nil (2019 - £Nil).

2020

2019

£

£

Amount due to related party at the balance sheet date

50

50

In2Connect UK Limited

Subsidiary undertaking

During the year the company made sales amounting to £Nil (2019 - £380) management fees amounting to £Nil (2019 - £35,000) and purchases amounting to £Nil (2019-: £Nil).

2020

2019

£

£

Amount due to related party at the balance sheet date

100,250

115,858