Company Registration No. 04933749 (England and Wales)
MRIB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
MRIB LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MRIB LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
56,321
73,567
Current assets
Debtors
5
406,462
774,949
Cash at bank and in hand
70,619
287,345
477,081
1,062,294
Creditors: amounts falling due within one year
6
(252,879)
(382,330)
Net current assets
224,202
679,964
Total assets less current liabilities
280,523
753,531
Provisions for liabilities
(8,208)
(9,769)
Net assets
272,315
743,762
Capital and reserves
Called up share capital
7
104
104
Profit and loss reserves
272,211
743,658
Total equity
272,315
743,762
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 May 2020 and are signed on its behalf by:
E N R Woodall
Director
Company Registration No. 04933749
MRIB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2017
104
547,173
547,277
Year ended 30 September 2018:
Profit and total comprehensive income for the year
-
675,989
675,989
Dividends
-
(479,504)
(479,504)
Balance at 30 September 2018
104
743,658
743,762
Year ended 30 September 2019:
Loss and total comprehensive income for the year
-
(82,001)
(82,001)
Dividends
-
(389,446)
(389,446)
Balance at 30 September 2019
104
272,211
272,315
MRIB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information
MRIB Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Eagle House, 25 Amersham Hill, High Wycombe, Buckinghamshire, HP13 6NU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is measured at the fair value of the consideration received or receivable for the rendering of services in the normal course of business.
Financial services are accounted for on a receipts basis.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% to 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
MRIB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
9
50
MRIB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2018 and 30 September 2019
1,207,033
Amortisation and impairment
At 1 October 2018 and 30 September 2019
1,207,033
Carrying amount
At 30 September 2019
-
At 30 September 2018
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2018 and 30 September 2019
398,005
Depreciation and impairment
At 1 October 2018
324,438
Depreciation charged in the year
17,246
At 30 September 2019
341,684
Carrying amount
At 30 September 2019
56,321
At 30 September 2018
73,567
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
367,718
Corporation tax recoverable
20,611
20,611
Other debtors
385,851
386,620
406,462
774,949
MRIB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
4,867
15,871
Corporation tax
23,119
153,811
Other taxation and social security
9,699
55,287
Other creditors
215,194
157,361
252,879
382,330
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
207 (2018: 197) Ordinary shares of 50p each
104
99
Preference share capital
Issued and fully paid
0 (2018: 5) Preference shares of £1 each
-
5
Total equity share capital
104
104
On 29 August 2019 the company's 10 Preference shares of £1 each were subdivided into 5 Preference shares of 50p each.
On 29 August 2019 the company's share capital of 80 A Ordinary shares of 50p each, 84 B Ordinary shares of 50p each, 10 C Ordinary shares of 50p each, 20 D Ordinary shares of 50p each, 3 E Ordinary shares of 50p each and 10 Preferences of 50p each were assigned as 207 Ordinary shares of 50p each.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
Within one year
-
104,000
Between two and five years
-
312,000
-
416,000
MRIB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
P R W Finch
-
-
12,524
-
12,524
E N R Woodall
-
20,709
47,500
(22,835)
45,374
E J R Finch
-
21,473
45,000
(2,600)
63,873
42,182
105,024
(25,435)
121,771