MD Holdings North Ltd Filleted accounts for Companies House (small and micro)

MD Holdings North Ltd Filleted accounts for Companies House (small and micro)

MD HOLDINGS NORTH LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12423457
MD Holdings North Ltd
Filleted unaudited financial statements
31 October 2022
MD Holdings North Ltd
Statement of financial position
31 October 2022
2022
2021
Note
£
£
£
£
Fixed assets
Investments
4
1,602,635
2,427,635
Current assets
Debtors
5
58,158
100
Cash at bank and in hand
884,120
369,316
---------
---------
942,278
369,416
Creditors: amounts falling due within one year
6
( 560,000)
( 880,509)
---------
---------
Net current assets/(liabilities)
382,278
( 511,093)
-----------
-----------
Total assets less current liabilities
1,984,913
1,916,542
Creditors: amounts falling due after more than one year
7
( 85,000)
( 915,000)
-----------
-----------
Net assets
1,899,913
1,001,542
-----------
-----------
Capital and reserves
Called up share capital
8
85
100
Profit and loss account
1,899,828
1,001,442
-----------
-----------
Shareholders funds
1,899,913
1,001,542
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 October 2022 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 .
MD Holdings North Ltd
Statement of financial position (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 21 July 2023 , and are signed on behalf of the board by:
O T O'Leary
Director
Company registration number: 12423457
MD Holdings North Ltd
Notes to the financial statements
year ended 31 October 2022
1. General information
The principal activity of the company during the year was the activities of head offices. The company is a private limited company, which is incorporated in England and Wales (no 12423457 ). The address of the registered office is: The Wool Exchange 10 Hustlergate Bradford West Yorkshire BD1 1RE
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.
Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In arriving at this conclusion, the directors have given due consideration to the impact of the worldwide Covid-19 pandemic on future operations and the ability of the company to continue to operate as a going concern. The directors recognise that the situation remains highly fluid and as a result making accurate forecasts on the likely implications is difficult but the directors do recognise that trading over the coming months could potentially be adversely affected. Despite this, the directors remain confident that the company can continue to operate as a going concern. This assessment is based on the understanding that the company will continue to trade over the coming months, albeit it at a potentially reduced level than was initially anticipated. This, along with government support and retained reserves will allow the company to continue to meet its obligations as they fall due and operate as a going concern. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 November 2021
2,427,635
Revaluations
( 825,000)
-----------
At 31 October 2022
1,602,635
-----------
Impairment
At 1 November 2021 and 31 October 2022
–
-----------
Carrying amount
At 31 October 2022
1,602,635
-----------
At 31 October 2021
2,427,635
-----------
On 10th March 2020 the company acquired 100% of the share capital of Makin Dixon Solicitors Limited
5. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
58,158
–
Other debtors
–
100
-------
----
58,158
100
-------
----
6. Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
560,000
880,509
---------
---------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
85,000
915,000
-------
---------
8. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
85
85
100
100
----
----
----
----
Shares issued and partly paid
2022
2021
No.
£
No.
£
Ordinary shares - £1 paid of £ 1 each
85
85
100
–
----
----
----
----