MRFS Investments Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07930901 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

MRFS Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A J Mackie

REGISTERED OFFICE:

316, Blackpool Road

Fulwood

Preston

Lancashire

PR2 3AE

REGISTERED NUMBER:

07930901 (England and Wales)

ACCOUNTANTS:

McDade Roberts Accountants Limited

Chartered Accountants

316 Blackpool Road

Fulwood

Preston

Lancashire

PR2 3AE

FIXED ASSETS

Intangible assets

4

196,667

225,867

Tangible assets

5

250

500

196,917

226,367

CURRENT ASSETS

Cash at bank and in hand

5,641

6,624

CREDITORS

Amounts falling due within one year

6

189,041

202,042

NET CURRENT LIABILITIES

(183,400

)

(195,418

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,517

30,949

CREDITORS

Amounts falling due after more than one year

7

30,027

45,398

NET LIABILITIES

(16,510

)

(14,449

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(16,511

)

(14,450

)

SHAREHOLDERS' FUNDS

(16,510

)

(14,449

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 October 2017 and were signed by:

Mr A J Mackie - Director

1.	STATUTORY INFORMATION

MRFS Investments 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has a negative Balance Sheet, it however is supported by its director and an

associated company, MR Financial Services Limited with all borrowings being cross guaranteed.

The Director of MR Financial Services has given personal guarantees in order to secure the

financing of the purchase of Goodwill.

Therefore the accounts have been prepared on the going concern basis.

Turnover

Turnover represents the Licence fee charged. Income is recognised as the right to it becomes an

obligation.

Goodwill

Goodwill represents the purchase of a number of client banks of Independent Financial Advisers.

Licence fees are charged for the use of the client data.

Goodwill is being amortised over a 10 year period from acquisition, this is reviewed periodically.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Fixtures and fittings

-

25% on cost

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

292,000

AMORTISATION

At 1 April 2016

66,133

Amortisation for year

29,200

At 31 March 2017

95,333

NET BOOK VALUE

At 31 March 2017

196,667

At 31 March 2016

225,867

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2016

and 31 March 2017

1,000

DEPRECIATION

At 1 April 2016

500

Charge for year

250

At 31 March 2017

750

NET BOOK VALUE

At 31 March 2017

250

At 31 March 2016

500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

17,894

17,894

Other loans

8,492

19,994

Trade creditors

(2

)

(1

)

Amounts owed to associates

157,529

99,027

Other creditors

-

15,000

Directors' current accounts

5,128

50,128

189,041

202,042

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans - 1-2 years

17,894

17,894

Bank loans - 2-5 years

12,133

27,504

30,027

45,398

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

47,921

63,292

Other loans

8,492

19,994

56,413

83,286

The Director has personally guaranteed the loans for the purchases of various client banks.

The bank also have a cross guarantee which has been given by MR Financial Services Limited.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017

and 31 March 2016:

31.3.17

31.3.16

£

£

Mr A J Mackie

Balance outstanding at start of year

(50,128

)

(16,570

)

Amounts repaid

45,000

(33,558

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(5,128

)

(50,128

)

The director has made an interest free loan to the company.

10.	RELATED PARTY DISCLOSURES

Companies with common control

During the year the company received licence fees totalling £30,000 (2016: £27,750) from

companies with common control.

The company also had loans outstanding to companies with commn control during the year. The

loans were interest free and repayable on demand. The combined total outstanding at the year

end was £157,529 (2016: £99,027).

11.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 Section 1A. The last

financial statements under the UK GAAP were for the year ended 31 March 2016. The date of

transition to FRS 102 was 1 April 2016.

The director has reviewed the position at the date of transition and is satisfied that no adjustments

are required with regards to FRS102.