Mutual Benefit Care Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06145018 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Mutual Benefit Care Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Chambers

Ms G M Manning

G Powick

SECRETARY:

Ms G M Manning

REGISTERED OFFICE:

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

REGISTERED NUMBER:

06145018 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Tangible assets

4

1,492

2,210

CURRENT ASSETS

Debtors

5

131,453

142,832

Cash at bank and in hand

883

51,260

132,336

194,092

CREDITORS

Amounts falling due within one year

6

336,929

302,054

NET CURRENT LIABILITIES

(204,593

)

(107,962

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(203,101

)

(105,752

)

CREDITORS

Amounts falling due after more than one year

7

21,666

36,078

NET LIABILITIES

(224,767

)

(141,830

)

CAPITAL AND RESERVES

Called up share capital

9

160

160

Retained earnings

(224,927

)

(141,990

)

SHAREHOLDERS' FUNDS

(224,767

)

(141,830

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 20 December 2023 and were signed on its behalf by:

J Chambers - Director

1.	STATUTORY INFORMATION

Mutual Benefit Care Ltd 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

Turnover is measured at the fair value of the consideration recieved for care services provided to individuals. The company is exempt from value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern

The balance sheet reflects an excess of liabilities over assets indicating that the company is reliant upon the support of its creditors to continue as a going concern. The directors are confident that this support will be forthcoming for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 115 (2022 - 74 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

299

7,875

26,718

34,892

DEPRECIATION

At 1 April 2022

297

7,679

24,706

32,682

Charge for year

1

84

633

718

At 31 March 2023

298

7,763

25,339

33,400

NET BOOK VALUE

At 31 March 2023

1

112

1,379

1,492

At 31 March 2022

2

196

2,012

2,210

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

62,665

74,353

Directors' current accounts

47,085

47,085

Taxation recoverable

11,772

11,772

Prepayments

9,931

9,622

131,453

142,832

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

13,793

24,338

Trade creditors

207,545

139,586

Social security and other taxes

20,903

28,011

Other creditors

82,139

95,517

Accrued expenses

12,549

14,602

336,929

302,054

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans - 1-2 years

21,666

36,078

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

34,394

60,416

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

160

Ordinary

£1

160

160

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

J Chambers

Balance outstanding at start of year

22,294

22,294

Amounts advanced

17,000

-

Amounts repaid

(15,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,294

22,294

G Powick

Balance outstanding at start of year

20,666

20,666

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,666

20,666

Ms G M Manning

Balance outstanding at start of year

4,125

4,125

Amounts repaid

(2,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,125

4,125

11.	ULTIMATE CONTROLLING PARTY

The directors Mr J Chambers, Ms GM Manning and Mr G Powick are considered to be the ultimate controlling party behind the company by virtue of their controlling shareholding.