Sensible M.B.I. Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02881543 (England and Wales)

Sensible M.B.I. Limited

Audited Financial Statements for the Year Ended 30 April 2020

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

R K Bastable

Miss A C Askey

REGISTERED OFFICE:

4 King Square

Bridgwater

Somerset

TA6 3YF

REGISTERED NUMBER:

02881543 (England and Wales)

AUDITORS:

Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

Coutts & Co

440 Strand

London

WC2R 0QS

FIXED ASSETS

Tangible assets

5

3,373,193

3,374,131

CURRENT ASSETS

Debtors

2,000

-

Cash at bank

98

1,403

2,098

1,403

CREDITORS

Amounts falling due within one year

931,322

928,417

NET CURRENT LIABILITIES

(929,224

)

(927,014

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,443,969

2,447,117

CREDITORS

Amounts falling due after more than one
year

6

(968,000

)

(965,834

)

PROVISIONS FOR LIABILITIES

(105,000

)

(110,000

)

NET ASSETS

1,370,969

1,371,283

CAPITAL AND RESERVES

Called up share capital

100

Revaluation reserve

8

1,181,132

Retained earnings

189,737

190,051

SHAREHOLDERS' FUNDS

1,370,969

1,371,283

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 April 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2021 and were signed on its behalf by:

R K Bastable - Director

1.	STATUTORY INFORMATION

Sensible M.B.I. 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.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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 reducing balance

Freehold investment property is stated at current market value.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 May 2019

and 30 April 2020

3,383,197

DEPRECIATION

At 1 May 2019

9,066

Charge for year

938

At 30 April 2020

10,004

NET BOOK VALUE

At 30 April 2020

3,373,193

At 30 April 2019

3,374,131

Cost or valuation at 30 April 2020 is represented by:

Totals

£

Valuation in 2010

1,317,732

Cost

2,065,465

3,383,197

If freehold property had not been revalued it would have been included at the following historical cost:

30.4.20

30.4.19

£

Cost

2,052,645

Value of land in freehold land and buildings

283,305

Freehold land and buildings were valued on an open market basis on 9 March 2010 by Humberts Leisure and Edward Symmons .

In the directors opinion the property valuation under taken by an independent valuer in 2010 is still valid.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS

30.4.20

30.4.19

£

Repayable by instalments

Bank loans

-

565,834

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.20

30.4.19

£

Bank loans

1,210,000

1,065,834

Bank loans and overdrafts are secured against the freehold property of the company.

The bank loan is repayable over 20 years and incurs interest at 2.5% above the LIBOR.

8.

RESERVES

Revaluation

reserve

£

At 1 May 2019

and 30 April 2020

1,181,132

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Blannin (Senior Statutory Auditor)

for and on behalf of Maxwells

10.	OTHER FINANCIAL COMMITMENTS

There is a composite guarantee with Haselbury Mill Limited in favour of Coutts & Co. the company's bankers.

11.	RELATED PARTY DISCLOSURES

During the year the company owed £653,013 (2019: £749,980) to Haselbury Mill Limited, a company controlled by R K Bastable.

The company also received rental income of £66,000 during the year (2019: £66,000) from Haselbury Mill Limited.

12.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous periods by its director, R K Bastable, by virtue of the fact that he owns all of the company's issued ordinary share capital.

Sensible M.B.I. Limited - Accounts to registrar (filleted) - small 18.2

Sensible M.B.I. Limited - Accounts to registrar (filleted) - small 18.2