Company No: 07481521 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	119,822		213,064
Investment property	4	1,199,035		1,199,035
Investments	5	285,494		285,494
		1,604,351		1,697,593
Current assets
Stocks		718,788		1,374,220
Debtors	6	663,404		553,307
Cash at bank and in hand		687,699		55,538
		2,069,891		1,983,065
Creditors: amounts falling due within one year	7	( 77,411)		( 158,170)
Net current assets		1,992,480		1,824,895
Total assets less current liabilities		3,596,831		3,522,488
Creditors: amounts falling due after more than one year	8	( 292,249)		( 323,573)
Provision for liabilities		50,365		49,780
Net assets		3,354,947		3,248,695
Capital and reserves
Called-up share capital	9	100		100
Fair value reserve		600,000		600,000
Profit and loss account		2,754,847		2,648,595
Total shareholders' funds		3,354,947		3,248,695

For the financial year ending 31 March 2023 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Mabil Limited (registered number: 07481521) were approved and authorised for issue by the Board of Directors on 30 November 2023. They were signed on its behalf by:

Mr W H McWattie Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mabil Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Westcountry House Western Wood Way, Langage Business Park, Plympton, Plymouth, PL7 5BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Vehicles

20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessor
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on
a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Vehicles		Total
	£		£
Cost
At 01 April 2022	388,807		388,807
Additions	55,629		55,629
Disposals	( 233,613)		( 233,613)
At 31 March 2023	210,823		210,823
Accumulated depreciation
At 01 April 2022	175,743		175,743
Charge for the financial year	35,238		35,238
Disposals	( 119,980)		( 119,980)
At 31 March 2023	91,001		91,001
Net book value
At 31 March 2023	119,822		119,822
At 31 March 2022	213,064		213,064

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2022	1,199,035
As at 31 March 2023	1,199,035

5. Fixed asset investments

Investments in subsidiaries

	2023
	£
Cost
At 01 April 2022	4
	0
At 31 March 2023	4
Carrying value at 31 March 2023	4
Carrying value at 31 March 2022	4

	Other investments		Total
	£		£
Carrying value before impairment
At 01 April 2022	285,490		285,490
At 31 March 2023	285,490		285,490
Provisions for impairment
At 01 April 2022	0		0
At 31 March 2023	0		0
Carrying value at 31 March 2023	285,490		285,490
Carrying value at 31 March 2022	285,490		285,490

6. Debtors

	2023		2022
	£		£
Trade debtors	10,871		10,792
Amounts owed by associates	500,000		500,000
Other debtors	152,533		42,515
	663,404		553,307

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	30,570		27,229
Trade creditors	6,379		3,342
Taxation and social security	25,995		11,876
Obligations under finance leases and hire purchase contracts	5,652		18,762
Other creditors	8,815		96,961
	77,411		158,170

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

	2023		2022
	£		£
Bank loans (secured)	257,402		291,313
Obligations under finance leases and hire purchase contracts	34,847		32,260
	292,249		323,573

The bank loan has a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

Finance leases are secured against the assets to which they relate.

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
67 Ordinary A shares of £ 1.00 each	67		67
33 Ordinary B shares of £ 1.00 each	33		33
	100		100