MB IFA Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06113734 (England and Wales)

MB IFA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

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

-

-

Tangible assets

5

2,296

1,647

2,296

1,647

CURRENT ASSETS

Debtors

6

8,354

20,643

Cash at bank

1,693

1,469

10,047

22,112

CREDITORS

Amounts falling due within one year

7

11,512

23,326

NET CURRENT LIABILITIES

(1,465

)

(1,214

)

TOTAL ASSETS LESS CURRENT LIABILITIES

831

433

PROVISIONS FOR LIABILITIES

436

313

NET ASSETS

395

120

CAPITAL AND RESERVES

Called up share capital

8

4

4

Retained earnings

391

116

SHAREHOLDERS' FUNDS

395

120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 7 November 2018 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 net of value added tax and trade

discounts. The policies adopted for the recognition of turnover are as follows:

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

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly

attributable to making the asset capable of operating as intended.

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

Plant and Machinery etc

- 25% on cost and 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 3 (2017 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2017

and 28 February 2018

30,000

AMORTISATION

At 1 March 2017

and 28 February 2018

30,000

NET BOOK VALUE

At 28 February 2018

-

At 28 February 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2017

4,706

-

4,706

Additions

120

1,058

1,178

At 28 February 2018

4,826

1,058

5,884

DEPRECIATION

At 1 March 2017

3,059

-

3,059

Charge for year

265

264

529

At 28 February 2018

3,324

264

3,588

NET BOOK VALUE

At 28 February 2018

1,502

794

2,296

At 28 February 2017

1,647

-

1,647

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Other debtors

8,354

20,643

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Trade creditors

-

15,001

Taxation and social security

9,489

6,105

Other creditors

2,023

2,220

11,512

23,326

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.18

28.2.17

value:

£

£

100

Ordinary

£1

2

2

2

Ordinary 'B'

£1

2

2

4

4

9.	RELATED PARTY DISCLOSURES

At the end of the year the directors owed the company £ 6,305 (2017: £ 20,642). The loan is interest free and

repayable upon demand