Sensible M.B.I. Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02881543 (England and Wales)

Sensible M.B.I. Limited

Audited Financial Statements

for the Year Ended 30 April 2023

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

3,371,565

3,371,961

CURRENT ASSETS

Debtors

4,661

-

Cash at bank

13,716

6,818

18,377

6,818

CREDITORS

Amounts falling due within one year

1,153,774

949,264

NET CURRENT LIABILITIES

(1,135,397

)

(942,446

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,236,168

2,429,515

CREDITORS

Amounts falling due after more than one year

(887,500

)

(969,510

)

PROVISIONS FOR LIABILITIES

(87,500

)

(93,500

)

NET ASSETS

1,261,168

1,366,505

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

7

1,181,132

1,181,132

Retained earnings

79,936

185,273

SHAREHOLDERS' FUNDS

1,261,168

1,366,505

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 2023 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 2 November 2023 and were signed on its behalf by:

Miss A C Askey - 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.

At the time of approving the financial statements the director has a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.

The director therefore deems the Company to continue as a going concern.

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 2 (2022 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 May 2022

and 30 April 2023

3,383,197

DEPRECIATION

At 1 May 2022

11,236

Charge for year

396

At 30 April 2023

11,632

NET BOOK VALUE

At 30 April 2023

3,371,565

At 30 April 2022

3,371,961

Cost or valuation at 30 April 2023 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:

30.4.23

30.4.22

£

£

Cost

2,052,645

2,052,645

Value of land in freehold land and buildings

283,305

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 is still valid.

6.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.23

30.4.22

£

£

Bank loans

1,367,750

1,449,760

Bank loans are secured against the freehold property of the company, except for £18,000 which is an unsecured COVID loan included within bank loans.

7.

RESERVES

Revaluation

reserve

£

At 1 May 2022

and 30 April 2023

1,181,132

8.	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

9.	OTHER FINANCIAL COMMITMENTS

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

10.	RELATED PARTY DISCLOSURES

During the year the company owed £592,149 (2022: £429,538) to Haselbury Mill Limited, a company controlled by R K Bastable.

The company also received rental income of £66,000 during the year (2022: £66,000) from Haselbury Mill Limited.

11.	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.