MB Capital Ltd Small abridged accounts

MB CAPITAL LIMITED - Company Information

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Statement of Consent to Prepare Financial Statements

All of the members of MB Capital Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06948349

MB Capital Ltd

Filleted Financial Statements

31 May 2018

MB Capital Ltd

Financial Statements

Year ended 31 May 2018

Contents	Page

Director's responsibilities statement	1

Abridged statement of financial position	2

Statement of changes in equity	4

Notes to the financial statements	5

MB Capital Ltd

Director's Responsibilities Statement

Year ended 31 May 2018

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MB Capital Ltd

Abridged Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		3,978	6,512

Current assets

Debtors	38,698	52,896
Cash at bank and in hand	12,517	146,011
	---------	----------
	51,215	198,907

Creditors: amounts falling due within one year	7,881		33,081
	---------		----------
Net current assets		43,334	165,826
		---------	----------
Total assets less current liabilities		47,312	172,338

Provisions

Taxation including deferred tax	611	1,116
	---------	----------
Net assets	46,701	171,222
	---------	----------

MB Capital Ltd

Abridged Statement of Financial Position (continued)

31 May 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	122,500	167,500
Profit and loss account	( 75,799)	3,722
	----------	----------
Shareholders funds	46,701	171,222
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 7 September 2018 , and are signed on behalf of the board by:

M J Bullus

Director

Company registration number: 06948349

MB Capital Ltd

Statement of Changes in Equity

Year ended 31 May 2018

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 June 2016	197,500	( 6,793)	190,707

Profit for the year		10,515	10,515
	----------	---------	----------
Total comprehensive income for the year	–	10,515	10,515

Cancellation of subscribed capital	( 30,000)	–	( 30,000)
	----------	---------	----------
Total investments by and distributions to owners	( 30,000)	–	( 30,000)

At 31 May 2017	167,500	3,722	171,222

Loss for the year		( 79,521)	( 79,521)
	----------	---------	----------
Total comprehensive income for the year	–	( 79,521)	( 79,521)

Cancellation of subscribed capital	( 45,000)	–	( 45,000)
	---------	----	---------
Total investments by and distributions to owners	( 45,000)	–	( 45,000)

	----------	---------	---------
At 31 May 2018	122,500	( 75,799)	46,701
	----------	---------	---------

MB Capital Ltd

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D2, Southgate, Commerce Park, Frome, Somerset, BA11 2RY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(i) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(ii) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(iii) Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

(iv) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(v) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Web Site	-	10% straight line
Fixtures, Fittings and Office Equipment	-	25% straight line

(vi) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(vii) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(viii) Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 2 (2017: 3 ).

5. Tangible assets

	£
Cost
At 1 June 2017 and 31 May 2018	50,021
	---------
Depreciation
At 1 June 2017	43,509
Charge for the year	2,534
	---------
At 31 May 2018	46,043
	---------
Carrying amount
At 31 May 2018	3,978
	---------
At 31 May 2017	6,512
	---------

6. Summary audit opinion

The auditor's report for the year dated 7 September 2018 was unqualified.

The senior statutory auditor was A S Fisher , for and on behalf of Alan Brookes Limited .

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M J Bullus	( 860)	808	–	( 52)
	----	----	----	----

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M J Bullus	( 566)	–	( 294)	( 860)
	----	----	----	----

8. Related party transactions

The company was under the control of Mr M Bullus during the current year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard FRS102.