Company registration number 07119733 (England and Wales)
M AND M TRADING (CAMBRIDGE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
M AND M TRADING (CAMBRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
M AND M TRADING (CAMBRIDGE) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
1,424,545
1,425,576
Creditors: amounts falling due within one year
4
(3,176,221)
(3,201,252)
Net current liabilities
(1,751,676)
(1,775,676)
Creditors: amounts falling due after more than one year
5
(1,222,950)
(1,222,950)
Provisions for liabilities
6
(1,362,705)
(1,257,562)
Net liabilities
(4,337,331)
(4,256,188)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(4,337,332)
(4,256,189)
Total equity
(4,337,331)
(4,256,188)
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 28 February 2022 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 27 March 2023 and are signed on its behalf by:
C Crickmore
Director
Company Registration No. 07119733
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 2 -
1
Accounting policies
Company information
M and M Trading (Cambridge) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
70 Fen Road, Chesterton, Cambridge, CB4 1TU.
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
Going concern
The financial statements have been prepared on a going concern basis even though at the
true
balance sheet
date the company's current liabilities exceeded its current assets by
£1,751,676 (2021:
£
1,775,676)
.
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due.
If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made reduce the value of the assets to their realisable amount, to provide for any further liabilities which may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors,
are measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Retirement benefits
The company provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 7 to the financial statements.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
20,119
20,119
Other debtors
1,404,426
1,405,457
1,424,545
1,425,576
4
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
56,860
55,692
Other creditors
3,119,361
3,145,560
3,176,221
3,201,252
Included within other creditors is an amount of £1,809,949 (202
1
: £1,8
09
,
949
) owed to M & M (Cambridge) LLP in respect of the company's overdrawn capital account.
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
1,222,950
1,222,950
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 4 -
6
Provisions for liabilities
2022
2021
£
£
Retirement benefit obligations
1,362,705
1,257,562
Movements on provisions:
£
At 1 March 2021
1,257,562
Additional provisions in the year
105,143
At 28 February 2022
1,362,705
7
Retirement benefit schemes
2022
2021
Defined benefit schemes
£
£
Charge to profit or loss in respect of defined benefit schemes
105,143
31,946
The company provided pension benefits in respect of senior employees.
Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The number of directors to whom
pension
benefits are accruing under
these pension agreements
is
2
(2021:
2
).
The contributions and potential liabilities of the company in respect of the pension agreements are fixed at least until the date of retirement of the employees which is over ten years from the year end date.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities
.
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
M AND M TRADING (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 5 -
9
Related party transactions
The company is a member of M & M (Cambridge) LLP. During the year the company was allocated £nil (202
1
: £
6
,
882
) in respect of its share of profit from the LLP.
Included in creditors
due after more than one year is £793,677 (202
1
: £793,677) owed to the directors.
At the balance sheet date the company has the following balances with entities connected to the directors:
Due from / (to)
Due from / (to)
2022 £
2021 £
Anglia Caravan Parks Limited
(68,771)
(68,771)
Crickmore Developments Limited
615,435
616,466
Crickmore LLP
(140,759)
(140,759)
Crickmore Parks Limited
788,991
788,991
Kings Lynn Mobile Home Park Limited
(548,255)
(548,255)
Leisure Parks Real Estate Limited
(265,266)
(265,267)
Plumtree Mobile Home Park Limited
-
(26,840)
Stable Car Sales Limited
(202,883)
(202,883)