ACCOUNTS - Final Accounts

CREDITORS: Amounts falling due within one year

Caseware UK (AP4) 2018.0.111 2018.0.111 2018-12-312019-05-072018-12-312018-12-31The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Company is a parent company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group. The financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due; and the costs incurred in relation to the management charge can be measured reliably. Dividend income is recognised when declared by the subsidiary.944944Ordinary E Ordinary F94946838falsefalsefalse2018-01-01 05123148 2018-01-01 2018-12-31 05123148 2017-01-01 2017-12-31 05123148 2018-12-31 05123148 2017-12-31 05123148 1 2018-01-01 2018-12-31 05123148 d:CompanySecretary1 2018-01-01 2018-12-31 05123148 d:Director1 2018-01-01 2018-12-31 05123148 d:Director2 2018-01-01 2018-12-31 05123148 d:Director3 2018-01-01 2018-12-31 05123148 d:Director3 2018-12-31 05123148 d:RegisteredOffice 2018-01-01 2018-12-31 05123148 c:CurrentFinancialInstruments 2018-12-31 05123148 c:CurrentFinancialInstruments 2017-12-31 05123148 c:CurrentFinancialInstruments c:WithinOneYear 2018-12-31 05123148 c:CurrentFinancialInstruments c:WithinOneYear 2017-12-31 05123148 c:ShareCapital 2018-12-31 05123148 c:ShareCapital 2017-12-31 05123148 c:SharePremium 2018-12-31 05123148 c:SharePremium 2017-12-31 05123148 c:RetainedEarningsAccumulatedLosses 2018-01-01 2018-12-31 05123148 c:RetainedEarningsAccumulatedLosses 2018-12-31 05123148 c:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 05123148 c:RetainedEarningsAccumulatedLosses 2017-12-31 05123148 c:RetainedEarningsAccumulatedLosses 2017-01-01 05123148 d:OrdinaryShareClass1 2018-01-01 2018-12-31 05123148 d:OrdinaryShareClass1 2017-01-01 2017-12-31 05123148 d:OrdinaryShareClass1 2018-12-31 05123148 d:OrdinaryShareClass1 2017-12-31 05123148 d:OrdinaryShareClass2 2018-01-01 2018-12-31 05123148 d:OrdinaryShareClass2 2017-01-01 2017-12-31 05123148 d:OrdinaryShareClass2 2018-12-31 05123148 d:OrdinaryShareClass2 2017-12-31 05123148 d:OrdinaryShareClass3 2018-01-01 2018-12-31 05123148 d:OrdinaryShareClass3 2017-01-01 2017-12-31 05123148 d:OrdinaryShareClass3 2018-12-31 05123148 d:OrdinaryShareClass3 2017-12-31 05123148 d:OrdinaryShareClass4 2018-01-01 2018-12-31 05123148 d:OrdinaryShareClass4 2017-01-01 2017-12-31 05123148 d:OrdinaryShareClass4 2018-12-31 05123148 d:OrdinaryShareClass4 2017-12-31 05123148 d:OrdinaryShareClass5 2018-01-01 2018-12-31 05123148 d:OrdinaryShareClass5 2017-01-01 2017-12-31 05123148 d:OrdinaryShareClass5 2018-12-31 05123148 d:OrdinaryShareClass5 2017-12-31 05123148 d:FRS102 2018-01-01 2018-12-31 05123148 d:Audited 2018-01-01 2018-12-31 05123148 d:FullAccounts 2018-01-01 2018-12-31 05123148 d:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05123148

MCS HOLDINGS LTD

AUDITED

DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2018


MCS HOLDINGS LTD

COMPANY INFORMATION

DIRECTORS	Mr P Hodges
	Mr A Rumble
	Mr P Attewell (resigned 4 January 2019)


COMPANY SECRETARY	Mrs F Attewell


REGISTERED NUMBER	05123148


REGISTERED OFFICE	Station House
	Station Approach
	Weybridge
	Surrey
	KT13 8UD


INDEPENDENT AUDITORS	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Munro House
	Portsmouth Road
	Cobham
	Surrey
	KT11 1PP


MCS HOLDINGS LTD

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 5
Statement of income and retained earnings	6
Balance sheet	7
Notes to the financial statements	8 - 11


MCS HOLDINGS LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2018

The directors present their report and the financial statements for the year ended 31 December 2018.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activity of the Company during the year under review continued to be that of a holding company.

DIRECTORS

The directors who served during the year were:

Mr P Hodges

Mr A Rumble

Mr P Attewell (resigned 4 January 2019)

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1


MCS HOLDINGS LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2018

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr P Hodges

Director

Date: 8 April 2019

Page 2


MCS HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MCS HOLDINGS LTD

OPINION

We have audited the financial statements of MCS Holdings Ltd (the 'Company') for the year ended 31 December 2018, which comprise the statement of income and retained earnings, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2018 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

OTHER INFORMATION

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 3


MCS HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MCS HOLDINGS LTD (CONTINUED)

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the directors' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 4


MCS HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MCS HOLDINGS LTD (CONTINUED)

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Robin John FCA CTA (senior statutory auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Munro House

Portsmouth Road

Cobham

Surrey

KT11 1PP

7 May 2019

Page 5


MCS HOLDINGS LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2018

	2018	2017
	£	£


Turnover	12,400	3,867
Administrative expenses	(11,288)	(7,855)
OPERATING PROFIT/(LOSS)	1,112	(3,988)
Income from shares in group undertakings	335,000	382,982
PROFIT BEFORE TAX	336,112	378,994
Tax on profit	-	-
PROFIT AFTER TAX	336,112	378,994



Retained earnings at the beginning of the year	19,223	23,211
Profit for the year	336,112	378,994
Dividends declared and paid	(296,930)	(382,982)
RETAINED EARNINGS AT THE END OF THE YEAR	58,405	19,223

The notes on pages 8 to 11 form part of these financial statements.

Page 6


MCS HOLDINGS LTD REGISTERED NUMBER:05123148

BALANCE SHEET

AS AT 31 DECEMBER 2018


	2018	2017
Note	£	£

FIXED ASSETS
Investments	4		362,850		362,850
CURRENT ASSETS
Debtors	5	7,254		5
Cash at bank and in hand		93,925		81,825
		101,179		81,830
Creditors: amounts falling due within one year	6	(392,525)		(412,357)
NET CURRENT LIABILITIES			(291,346)		(330,527)

NET ASSETS			71,504		32,323

CAPITAL AND RESERVES
Called up share capital	7	360	360
Share premium account	8	12,740	12,740
Profit and loss account	8	58,404	19,223
		71,504	32,323

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr P Hodges

Director

Date: 8 April 2019

The notes on pages 8 to 11 form part of these financial statements.

Page 7


MCS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	GENERAL INFORMATION

MCS Holdings Ltd is a private company, limited by shares, incorporated in England and Wales, registered number 05123148. The registered office is Station House, Station Approach, Weybridge, Surrey, KT13 8UD.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company is a parent company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
The financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The Company has net current liabilities, but is trading profitably and has net total assets.
Current liabilities includes a balance of £388,889 due to its wholly owned subsidiary undertaking. Cash flow is managed on a group basis and the amount owed to the subsidiary company will not be repaid in detriment to third party creditors.
The directors are therefore satisfied that the Company can meet its liabilities as they fall due and it is appropriate to prepare the accounts on a going concern basis.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due; and

∙the costs incurred in relation to the management charge can be measured reliably.
Dividend income is recognised when declared by the subsidiary.

2.4

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 8


MCS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.ACCOUNTING POLICIES (CONTINUED)

2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

2.6

CREDITORS

Short term creditors are measured at the transaction price.

2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2017 - 3).

4.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2018	362,850
	At 31 December 2018	362,850

DEBTORS

					2018	2017
					£	£



Other debtors	7,254	5

Page 9


MCS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Amounts owed to group undertakings	388,989	367,659
Other creditors	101	41,323
Accruals and deferred income	3,435	3,375
	392,525	412,357

7.	SHARE CAPITAL
		2018	2017
		£	£

Allotted, called up and fully paid

1,530 (2017 - 1,530) Ordinary A shares of £0.10 each	153	153
180 (2017 - 180) Ordinary B shares of £0.10 each	18	18
765 (2017 - 765) Ordinary C shares of £0.10 each	77	77
180 (2017 - 180) Ordinary D shares of £0.10 each	18	18
764 (2017 - 764) Ordinary E shares of £0.10 each	76	76
180 (2017 - 180) Ordinary F shares of £0.10 each	18	18

	360	360

The shares rank pari passu with each other, except that different dividends may be declared on the different classes of shares.

RESERVES

Share premium account

The share premium is the excess paid for shares above the nominal value of the shares.

Profit & loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.

9.	TRANSACTIONS WITH DIRECTORS

During the year, a director withdrew £37,227 from the Company, and made contributions totalling £13,881. At the year-end, the balance owed by the director to the Company was £5,238 (2017 - the director was owed £18,108). This was repaid in February 2019. The loan was interest free and repayable on demand.
During the year, a director withdrew £25,816 from the Company, and made contributions totalling £7,467. At the year-end, the balance owed by the director to the Company was £1,600. The loan was interest free and repayable on demand.

Page 10


MCS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

10.	RELATED PARTY TRANSACTIONS
	The Company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.

11.	POST BALANCE SHEET EVENTS

Following the balance sheet date it has been formalised that the Company has bought back and cancelled all Ordinary E shares from a director, Mr P Attewell, and all Ordinary F shares on 4 January 2019. The director has also resigned on this date. Following this agreement share capital is reduced to £266 and the share premium is reduced to £6,370.

Page 11