Company registration number SC308197 (Scotland)
MAB LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
MAB LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 4
MAB LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2022
- 1 -
The director presents his annual report and financial statements for the year ended 31 May 2022.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr A Bayne
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A Bayne
Director
13 February 2023
MAB LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
31 May 2022
- 2 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
120
120
Cash at bank and in hand
72
72
192
192
Creditors: amounts falling due within one year
4
(45,232)
(45,232)
Net current liabilities
(45,040)
(45,040)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(45,140)
(45,140)
Total equity
(45,040)
(45,040)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 13 February 2023
Mr A Bayne
Director
Company Registration No. SC308197
MAB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
1
Accounting policies
Company information
MAB Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
11 Dudhope Terrace, Dundee, DD3 6TS.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial period. During
this time,
the company received no income and incurred no expenditure and therefore no
Profit and loss account
is presented
in these financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
1.5
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
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MAB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
120
120
4
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
45,232
45,232
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100