MCS Creative Limited Filleted accounts for Companies House (small and micro)

MCS CREATIVE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01701895

MCS Creative Limited

Filleted Unaudited Financial Statements

30 June 2018

MCS Creative Limited

Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		23,943	13,850

Current assets

Stocks		48,500	60,000
Debtors	6	86,412	105,061
Cash at bank and in hand		113,055	74,252
		---------	---------
		247,967	239,313

Creditors: amounts falling due within one year	7	124,097		130,536
		---------		---------
Net current assets			123,870	108,777
			---------	---------
Total assets less current liabilities			147,813	122,627
			---------	---------
Net assets			147,813	122,627
			---------	---------

Capital and reserves

Called up share capital	200	200
Profit and loss account	147,613	122,427
	---------	---------
Shareholders funds	147,813	122,627
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MCS Creative Limited

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 9 December 2018 , and are signed on behalf of the board by:

C Boggis

Director

Company registration number: 01701895

MCS Creative Limited

Notes to the Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clockhouse Court, 5-7 London Road, St Albans, Herts., AL1 1LA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	20% straight line
Equipment	-	15% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 8 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 July 2017	9,085	209,674	218,759
Additions	400	14,273	14,673
	-------	---------	---------
At 30 June 2018	9,485	223,947	233,432
	-------	---------	---------
Depreciation
At 1 July 2017	9,085	195,824	204,909
Charge for the year	100	4,480	4,580
	-------	---------	---------
At 30 June 2018	9,185	200,304	209,489
	-------	---------	---------
Carrying amount
At 30 June 2018	300	23,643	23,943
	-------	---------	---------
At 30 June 2017	–	13,850	13,850
	-------	---------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	76,197	94,846
Other debtors	10,215	10,215
	--------	---------
	86,412	105,061
	--------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	76,605	82,111
Social security and other taxes	43,517	41,701
Other creditors	3,975	6,724
	---------	---------
	124,097	130,536
	---------	---------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C Boggis	( 3,374)	( 75,000)	77,749	( 625)
	-------	--------	--------	----

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C Boggis	( 38,800)	( 50,000)	85,426	( 3,374)
	--------	--------	--------	-------