MCI Logistics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02532963 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

MCI LOGISTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T G Roberts

P J Roberts

REGISTERED OFFICE:

Building B, MCI Business Centre,

4-5 Newtown Industrial Estate

Cross Keys

Newport

NP11 7PZ

REGISTERED NUMBER:

02532963 (England and Wales)

ACCOUNTANTS:

DAVID WRIGHT ACCOUNTANTS LIMITED

1st Floor..

Nathaniel House

David Street

Bridgend

South Wales

CF31 3SA

FIXED ASSETS

Tangible assets

4

319,017

5,063

Investments

5

2

2

319,019

5,065

CURRENT ASSETS

Debtors

6

352,708

180,313

Cash at bank and in hand

561,985

431,903

914,693

612,216

CREDITORS

Amounts falling due within one year

7

284,059

238,236

NET CURRENT ASSETS

630,634

373,980

TOTAL ASSETS LESS CURRENT LIABILITIES

949,653

379,045

PROVISIONS FOR LIABILITIES

8

147,152

-

NET ASSETS

802,501

379,045

CAPITAL AND RESERVES

Called up share capital

427,669

427,669

Share premium

2

2

Revaluation reserve

9

280,000

-

Capital redemption reserve

28,631

28,631

Retained earnings

66,199

(77,257

)

802,501

379,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 4 September 2019 and were signed on its behalf by:

P J Roberts - Director

1.	STATUTORY INFORMATION

MCI Logistics 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

-

33% on cost and 20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2018

914,263

Additions

41,339

Disposals

(533,605

)

Revaluations

(12,813

)

At 31 December 2018

409,184

DEPRECIATION

At 1 January 2018

909,200

Charge for year

7,385

Eliminated on disposal

(533,605

)

Revaluation adjustments

(292,813

)

At 31 December 2018

90,167

NET BOOK VALUE

At 31 December 2018

319,017

At 31 December 2017

5,063

Cost or valuation at 31 December 2018 is represented by:

Plant and

machinery

etc

£

Valuation in 2018

(12,813

)

Cost

421,997

409,184

If plant and machinery had not been revalued it would have been included at the following historical cost:

31.12.18

31.12.17

£

£

Cost

421,247

-

Aggregate depreciation

382,813

-

Plant and Machinery were valued on an open market basis on 31 December 2018 by Philip Roberts (Company Director)

.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2018

and 31 December 2018

2

NET BOOK VALUE

At 31 December 2018

2

At 31 December 2017

2

The Company owns 100% of the issued share capital of the Maher Cohen Industries Limited, a company

incorporated in England and Wales.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

285,689

143,119

Other debtors

67,019

37,194

352,708

180,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

52,542

25,297

Taxation and social security

94,861

59,673

Other creditors

136,656

153,266

284,059

238,236

8.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

57,152

-

Other provisions

90,000

-

147,152

-

Deferred

Other

tax

provisions

£

£

Provided during year

57,152

90,000

Balance at 31 December 2018

57,152

90,000

The provision relates to obligations within a long term customer contract, which limit the ability of the company

to increase charges in line with expected cost increases over the life of the contract, and to parent company

management charges.

9.

RESERVES

Revaluation

reserve

£

Revaluation Gain

280,000

At 31 December 2018

280,000

Within the retained earnings £226,800 (£280,000 gain less £53,200 deferred tax) is non-distributable reserves in

relation to the revaluation gain on the plant and machinery.

10.	RELATED PARTY DISCLOSURES

The company is a 100% subsidiary of Combesgate Limited, a company registered in England and Wales. The

registered office is Newton Industrial Estate, Cross Keys, Newport, South Wales, NP11 7PZ.