MC1 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05159633 (England and Wales)

Unaudited Financial Statements For The Year Ended 31st March 2019

for

MC1 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T G McClure

Mr W McClure

Mrs C A McClure

SECRETARY:

Mrs C A McClure

REGISTERED OFFICE:

Meadowcroft

Low Road

Forncett St Mary

Norwich

Norfolk

NR16 1JJ

REGISTERED NUMBER:

05159633 (England and Wales)

ACCOUNTANTS:

Aston Shaw Ltd

The Union Building

51-59 Rose Lane

Norwich

Norfolk

NR1 1BY

FIXED ASSETS

Tangible assets

4

247,369

182,574

Investment property

5

275,000

275,000

522,369

457,574

CURRENT ASSETS

Stocks

6

15,338

12,752

Debtors

7

822,265

929,638

Cash at bank and in hand

1,752,344

1,335,562

2,589,947

2,277,952

CREDITORS

Amounts falling due within one year

8

1,833,893

316,431

NET CURRENT ASSETS

756,054

1,961,521

TOTAL ASSETS LESS CURRENT LIABILITIES

1,278,423

2,419,095

CREDITORS

Amounts falling due after more than one year

9

(1,029

)

(7,040

)

PROVISIONS FOR LIABILITIES

10

(44,805

)

(48,608

)

NET ASSETS

1,232,589

2,363,447

CAPITAL AND RESERVES

Called up share capital

1,006

1,006

Revaluation reserve

11

79,513

79,513

Retained earnings

1,152,070

2,282,928

SHAREHOLDERS' FUNDS

1,232,589

2,363,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2019 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 applicable to companies subject to the small companies regime.

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 19th December 2019 and were signed on its behalf by:

Mr W McClure - Director

1.	STATUTORY INFORMATION

MC1 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

15% on reducing balance

Computer equipment

-

25% straight line on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Going concern

These financial statements have been prepared on the going concern basis. The Directors consider this basis to

be appropriate but have not assessed a period in excess of 12 months from the date of approving the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2018

10,936

331,148

85,060

1,263

428,407

Additions

-

114,258

1,700

1,778

117,736

At 31st March 2019

10,936

445,406

86,760

3,041

546,143

DEPRECIATION

At 1st April 2018

2,625

225,180

17,483

545

245,833

Charge for year

219

41,570

10,392

760

52,941

At 31st March 2019

2,844

266,750

27,875

1,305

298,774

NET BOOK VALUE

At 31st March 2019

8,092

178,656

58,885

1,736

247,369

At 31st March 2018

8,311

105,968

67,577

718

182,574

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st April 2018

and 31st March 2019

24,780

DEPRECIATION

At 1st April 2018

6,195

Charge for year

2,230

At 31st March 2019

8,425

NET BOOK VALUE

At 31st March 2019

16,355

At 31st March 2018

18,585

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2018

and 31st March 2019

275,000

NET BOOK VALUE

At 31st March 2019

275,000

At 31st March 2018

275,000

The directors have revalued the investment property based on the open market value as at 31st March 2018.

6.

STOCKS

31/3/19

31/3/18

£

£

Stocks

15,338

12,752

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Trade debtors

344,619

271,298

Other debtors

477,646

658,340

822,265

929,638

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Hire purchase contracts

6,011

5,736

Trade creditors

76,876

71,546

Amounts owed to group undertakings

1,470,472

-

Taxation and social security

254,122

231,918

Other creditors

26,412

7,231

1,833,893

316,431

The following liabilities are disclosed under creditors falling due within one year are secured on the assets of the

company:

Hire purchase and finance lease agreements: £6,011 (2018 - £5,736)

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/19

31/3/18

£

£

Hire purchase contracts

1,029

7,040

The following liabilities are disclosed under creditors falling due within one year are secured on the assets of the

company:

Hire purchase and finance lease agreements: £1,029 (2018 - £7,040)

10.	PROVISIONS FOR LIABILITIES

31/3/19

31/3/18

£

£

Deferred tax

44,805

48,608

Deferred

tax

£

Balance at 1st April 2018

48,608

Provided during year

(3,803

)

Balance at 31st March 2019

44,805

11.

RESERVES

Revaluation

reserve

£

At 1st April 2018

and 31st March 2019

79,513

12.	ULTIMATE CONTROLLING PARTY

The controlling party is TWM Construction Ltd.

At the balance sheet date the company owed it's parent company £1,470,472. (2018 - Nil)

This amount is included within other creditors.