MCC Investments Ltd - Accounts to registrar (filleted) - small 18.2
MCC Investments Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 AUGUST 2017 TO 30 NOVEMBER 2018 |
| FOR |
| MCC INVESTMENTS LTD |
| MCC INVESTMENTS LTD (REGISTERED NUMBER: 03469360) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 AUGUST 2017 TO 30 NOVEMBER 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MCC INVESTMENTS LTD |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 AUGUST 2017 TO 30 NOVEMBER 2018 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 12 Romney Place |
| Maidstone |
| Kent |
| ME15 6LE |
| MCC INVESTMENTS LTD (REGISTERED NUMBER: 03469360) |
| BALANCE SHEET |
| 30 NOVEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| MCC INVESTMENTS LTD (REGISTERED NUMBER: 03469360) |
| BALANCE SHEET - continued |
| 30 NOVEMBER 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| MCC INVESTMENTS LTD (REGISTERED NUMBER: 03469360) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 AUGUST 2017 TO 30 NOVEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| MCC Investments Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery etc | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the period 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 period 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. |
| MCC INVESTMENTS LTD (REGISTERED NUMBER: 03469360) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2017 TO 30 NOVEMBER 2018 |
| 3. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2017 |
| Revaluations |
| At 30 November 2018 |
| NET BOOK VALUE |
| At 30 November 2018 |
| At 31 July 2017 |
| The amount of £6,000 shown under plant and machinery is the cost of sculptures purchased in July 1995, these assets |
| are not being depreciated. |
| Cost or valuation at 30 November 2018 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2018 | 6,000 | - | 6,000 |
| Valuation in 2014 | 224,772 | - | 224,772 |
| Cost | 219,228 | 6,000 | 225,228 |
| 450,000 | 6,000 | 456,000 |
| All of the freehold properties were revalued by an independent local member of RICS as at 30th November 2018. |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 August 2017 | 108,407 |
| Disposals | ( |
) | (105,000 | ) |
| At 30 November 2018 | 3,407 |
| NET BOOK VALUE |
| At 30 November 2018 | 3,407 |
| At 31 July 2017 | 108,407 |
| MCC INVESTMENTS LTD (REGISTERED NUMBER: 03469360) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2017 TO 30 NOVEMBER 2018 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| The other investment is an investment in Netrix Inc which was aquired on 8th April 2015. No current valuation is |
| available but the director considers the holding immaterial to these accounts. |
| On 28th February 2018, the director accepted an offer from the late Baroness Rowena Von Albedyhll, who at that time |
| was the sole director and controlling shareholder of the company, for the purchase the company's 5.07% shareholding |
| in Hollier Farms Limited for £80,000. Although, this disposal was at a loss of £25,000, the director considered the sale |
| to be at arms length open market value, and was undertaken to improve the company's cash flow by liquidating a |
| non-income producing asset which was originally purchased during April 2013. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Owed by companies under common control |
| Amounts owed by companies under common control consists of £46,992 (2018: £29,045) owed by Chelsea Gate |
| Limited and £9,040 (2018: £Nil) owed by Hollier Farms Limited. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Tax |
| Other creditor - RVA executors | 153 | - |
| Directors' current accounts | - | 29,153 |
| Accrued expenses |
| Accruals is made up of accountancy £609 (2018: £Nil). |
| The amount included in other creditors - RVA executors represents amounts advanced by Rowena Von Albedyhll |
| (deceased) during the year. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 372,940 | 372,940 |
| 8. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax | 17,195 | 16,326 |
| MCC INVESTMENTS LTD (REGISTERED NUMBER: 03469360) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2017 TO 30 NOVEMBER 2018 |
| 8. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2017 |
| Provided during period |
| Balance at 30 November 2018 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 August 2017 |
| Deficit for the period | ( |
) |
| At 30 November 2018 |
| Included within retained earnings at 30th November 2018 is £213,577 of non-distributable earnings relating to |
| unrealised gains on investment properties (2017: £208,446). |
| 11. | RELATED PARTY DISCLOSURES |
| The property portfolio owned by the company is let to and managed by Chelsea Gate Limited, a company under |
| common control. During the period ended 30 November 2018 the company received rent of £19,259 being £1,203.66 |
| per month from Chelsea Gate Limited, this is considered to be at open market value. |
| On 28th February 2018, the director accepted an offer from the late Baroness Rowena Von Albedyhll, who at that time |
| was the sole director and controlling shareholder of the company, for the purchase the company's 5.07% shareholding |
| in Hollier Farms Limited for £80,000. Although, this disposal was at a loss of £25,000, the director considered the sale |
| to be at arms length open market value, and was undertaken to improve the company's cash flow by liquidating a |
| non-income producing asset which was originally purchased during April 2013. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The executors of the late Baroness Rowena Von Albedyhll, who was the majority shareholder of the company, are |
| collectively the ultimate controlling party of the company. Jeffrey Diamond an executor is the sole director of the |
| company. |