MCP Consulting Group Limited Filleted accounts for Companies House (small and micro)

MCP CONSULTING GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03930000

MCP Consulting Group Limited

Filleted Unaudited Financial Statements

31 August 2019

MCP Consulting Group Limited

Statement of Financial Position

31 August 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		11,006	11,972

Current assets

Debtors	5	429,388	416,674
Cash at bank and in hand		451,274	438,816
		--------	--------
		880,662	855,490

Prepayments and accrued income	46,413		35,076

Creditors: amounts falling due within one year	6	252,108		319,725
		--------		--------
Net current assets			674,967	570,841
			--------	--------
Total assets less current liabilities			685,973	582,813

Provisions

Taxation including deferred tax		1,090	1,054

Accruals and deferred income	9,056	15,489
	--------	--------
Net assets	675,827	566,270
	--------	--------

Capital and reserves

Called up share capital	119,200	119,200
Capital redemption reserve	10,000	10,000
Profit and loss account	546,627	437,070
	--------	--------
Shareholders funds	675,827	566,270
	--------	--------

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 comprehensive income has not been delivered.

For the year ending 31 August 2019 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 .

MCP Consulting Group Limited

Statement of Financial Position (continued)

31 August 2019

These financial statements were approved by the board of directors and authorised for issue on 23 October 2019 , and are signed on behalf of the board by:

P. Gagg

Director

Company registration number: 03930000

MCP Consulting Group Limited

Notes to the Financial Statements

Year ended 31 August 2019

1. General information

The company is a private company limited by shares, incorporated and registered in England and Wales, company number 03930000 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW. The address of the principle place of business is Blythe Valley Innovation Centre, Central Boulevard, Blythe Valley Park, Shirley, Solihull, B90 8AJ.

2. 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 company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation in uncertainty

In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	33% straight line
Computer Equipment	-	33% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2018: 12 ).

4. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 September 2018	12,107	45,584	57,691
Additions	1,694	5,082	6,776
	-------	-------	-------
At 31 August 2019	13,801	50,666	64,467
	-------	-------	-------
Depreciation
At 1 September 2018	4,202	41,517	45,719
Charge for the year	4,188	3,554	7,742
	-------	-------	-------
At 31 August 2019	8,390	45,071	53,461
	-------	-------	-------
Carrying amount
At 31 August 2019	5,411	5,595	11,006
	-------	-------	-------
At 31 August 2018	7,905	4,067	11,972
	-------	-------	-------

5. Debtors

	2019	2018
	£	£
Trade debtors	424,740	403,072
Other debtors	4,648	13,602
	--------	--------
	429,388	416,674
	--------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	103,873	104,364
Social security and other taxes	105,133	62,842
Other creditors	43,102	152,519
	--------	--------
	252,108	319,725
	--------	--------

7. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2019	2018
	£	£

Recognised in accruals and deferred income:

Deferred government grants due within one year	1,249	–
Deferred government grants due after more than one year	1,978	–
	------	----
	3,227	–
	------	----

Recognised in other operating income:

Government grants released to profit or loss	16,284	–
	-------	----

8. Financial instruments at fair value

The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	42,784	5,508
Later than 1 year and not later than 5 years	73,864	–
	--------	------
	116,648	5,508
	--------	------

10. Directors' advances, credits and guarantees

At the reporting date the directors loan account was in credit by £99 (2018: debit (£251)). There is no fixed term for repayment and no interest is charged.