MB IFA Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06113734 (England and Wales)

MB IFA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M A Bowater

Mr J T Bowater

Miss H K Bowater

SECRETARY:

Mrs J C Bowater

REGISTERED OFFICE:

82 Jacobs Hall Lane

Great Wyrley

Walsall

West Midlands

WS6 6AD

REGISTERED NUMBER:

06113734 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

16,500

Tangible assets

5

1,647

1,938

1,647

18,438

CURRENT ASSETS

Debtors

6

20,643

5,796

Cash at bank

1,469

2,052

22,112

7,848

CREDITORS

Amounts falling due within one year

7

23,326

25,610

NET CURRENT LIABILITIES

(1,214

)

(17,762

)

TOTAL ASSETS LESS CURRENT LIABILITIES

433

676

PROVISIONS FOR LIABILITIES

313

388

NET ASSETS

120

288

CAPITAL AND RESERVES

Called up share capital

8

4

2

Retained earnings

116

286

SHAREHOLDERS' FUNDS

120

288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 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 Board of Directors on 2 November 2017 and were signed on its behalf by:

Mr M A Bowater - Director

1.	STATUTORY INFORMATION

MB IFA 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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 each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

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.

Debtors and creditors receivable or payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2016

and 28 February 2017

30,000

AMORTISATION

At 1 March 2016

13,500

Charge for year

16,500

At 28 February 2017

30,000

NET BOOK VALUE

At 28 February 2017

-

At 29 February 2016

16,500

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 March 2016

and 28 February 2017

4,706

DEPRECIATION

At 1 March 2016

2,768

Charge for year

291

At 28 February 2017

3,059

NET BOOK VALUE

At 28 February 2017

1,647

At 29 February 2016

1,938

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Other debtors

20,643

5,796

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade creditors

15,001

14,999

Taxation and social security

6,105

8,391

Other creditors

2,220

2,220

23,326

25,610

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.17

29.2.16

value:

£

£

100

Ordinary

£1

2

2

2

Ordinary 'B'

£1

2

-

4

2

2 Ordinary 'B' shares of £1 each were allotted and fully paid for cash at par during the year.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2017 and

29 February 2016:

28.2.17

29.2.16

£

£

Mr M A Bowater

Balance outstanding at start of year

5,797

-

Amounts advanced

14,846

5,797

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,643

5,797

10.	FIRST YEAR ADOPTION

The company adopted section 1A "Small Entities" of Financial Reporting Standard 102 during the year.

The following were changes in accounting policies arising from the transition to FRS102 section 1A:

1) Goodwill is now being amortised over 10 years and is now fully amortised as a result of this.