Mabil Limited - Period Ending 2019-03-31

Mabil Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 07481521

Mabil Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Mabil Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	113,877	91,569
Investment property	4	1,199,035	1,199,035
Investments	5	23	23
		1,312,935	1,290,627
Current assets
Stocks		655,142	603,424
Debtors	6	636,009	630,289
Cash at bank and in hand		381,740	447,726
		1,672,891	1,681,439
Creditors: Amounts falling due within one year	7	(255,161)	(313,276)
Net current assets		1,417,730	1,368,163
Total assets less current liabilities		2,730,665	2,658,790
Creditors: Amounts falling due after more than one year	7	(383,057)	(414,965)
Provisions for liabilities		(4,227)	(4,227)
Net assets		2,343,381	2,239,598
Capital and reserves
Called up share capital		100	100
Revaluation reserve		600,000	600,000
Profit and loss account		1,743,281	1,639,498
Total equity		2,343,381	2,239,598

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Mabil Limited

Balance Sheet

31 March 2019

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 December 2019 and signed on its behalf by:
 

......................................... Mr W McWattie Director

Company Registration Number: 07481521

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Mabil Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westcountry House
Western Wood Way
Langage Business Park
Plympton
Plymouth
PL7 5BG

These financial statements were authorised for issue by the Board on 9 December 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 3

Mabil Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor Vehicles	20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 4

Mabil Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Page 5

Mabil Limited

Notes to the Financial Statements

Year Ended 31 March 2019

3	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2018	139,344	139,344
Additions	50,778	50,778
At 31 March 2019	190,122	190,122
Depreciation
At 1 April 2018	47,775	47,775
Charge for the year	28,470	28,470
At 31 March 2019	76,245	76,245
Carrying amount
At 31 March 2019	113,877	113,877
At 31 March 2018	91,569	91,569

4	Investment properties

	2019 £
At 1 April	1,199,035
At 31 March	1,199,035

The valuation has been performed by the company directors.

5	Investments

	2019 £	2018 £
Investments in subsidiaries	23	23

Subsidiaries	£
Cost or valuation
At 1 April 2018	23
Provision
Carrying amount
At 31 March 2019	23
At 31 March 2018	23

Page 6

Mabil Limited

Notes to the Financial Statements

Year Ended 31 March 2019

6

Debtors

	Note	2019  £	2018  £
Trade debtors		1,322	1,843
Amounts due from group undertakings	9	600,000	600,000
Other debtors		34,687	28,446
		636,009	630,289

7

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Loans and borrowings	8	31,164	30,422
Trade creditors		559	-
Amounts due to group undertakings	9	194,477	253,340
Corporation tax		7,538	7,482
Social security and other taxes		13,323	21,130
Other creditors		7,200	2
Accrued expenses		900	900
		255,161	313,276

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	8	383,057	414,965

Page 7

Mabil Limited

Notes to the Financial Statements

Year Ended 31 March 2019

8	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year
Bank borrowings	368,489	397,439
Finance lease liabilities	14,568	17,526
	383,057	414,965

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	28,207	27,465
Finance lease liabilities	2,957	2,957
	31,164	30,422

9	Related party transactions

Advances to directors

2019	At 1 April 2018 £	Advances to director £	Repayments by director £	At 31 March 2019 £
Mr W McWattie
Director's Loan account	28,445	9,725	(11,261)	26,909
Interest charged at 2.5%	-	578	-	578
	28,445	10,303	(11,261)	27,487

2018	At 1 April 2017 £	Advances to director £	Repayments by director £	At 31 March 2018 £
Mr W McWattie
Director's Loan account	(830,713)	966,509	(107,515)	28,281
Interest charged at 2.5%	-	164	-	164
	(830,713)	966,673	(107,515)	28,445

Page 8