M Capital Assets Ltd - Period Ending 2023-04-30
M Capital Assets Ltd - Period Ending 2023-04-30
Registration number:
M Capital Assets Ltd
for the Year Ended 30 April 2023
M Capital Assets Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
M Capital Assets Ltd
(Registration number: 10732581)
Balance Sheet as at 30 April 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Other reserves |
130,534 |
- |
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Retained earnings |
132,796 |
138,159 |
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Shareholders' funds |
263,331 |
138,160 |
M Capital Assets Ltd
(Registration number: 10732581)
Balance Sheet as at 30 April 2023
For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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M Capital Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
M Capital Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Prior period errors
Prior period figures have been restated. Investment properties valued at £204,816 have been added to the balance sheet.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Investment properties - additions | - | 204,816 | - |
Investment properties brought forward | 204,816 | - | - |
Amounts due to related parties - advances | - | (204,816) | - |
Amounts due to related parties - brought forward | (204,816) | - | - |
Key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiance and other factors that are considered to be relevant. Actual results may differe from the estimates.
The estimates are underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. .
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
M Capital Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
M Capital Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Inital direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
M Capital Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2022 |
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At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Investment properties |
2023 |
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At 1 May |
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Additions |
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Fair value adjustments |
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At 30 April |
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The investment properties class of fixed assets were adjusted at 30 April 2023 to fair value by the director. The basis of the valuation was open market value. The class of assets has a current value of £1,916,502 (2022: £810,954).
Stocks |
2023 |
2022 |
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Other inventories |
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M Capital Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Debtors |
Note |
2023 |
2022 |
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Amounts owed by related parties |
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- |
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Other debtors |
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Creditors |
Due within one year |
Note |
2023 |
(As restated) |
Trade creditors |
- |
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Amounts due to related parties |
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Accruals |
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Corporation tax liability |
- |
15,581 |
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Related party transactions |
Transactions with the director |
Loans from related parties
2023 |
Key management |
Total |
At start of period |
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Advanced |
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At end of period |
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2022 |
Key management |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties