M2C Innovation Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06230729 (England and Wales)

M2C INNOVATION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J M Thorpe

REGISTERED OFFICE:

Exchange Building

16 St Cuthberts Street

Bedford

Bedfordshire

MK40 3JG

REGISTERED NUMBER:

06230729 (England and Wales)

ACCOUNTANTS:

Keens Shay Keens Limited

Chartered Accountants

2nd Floor Exchange Building

16 St Cuthberts Street

Bedford

Bedfordshire

MK40 3JG

FIXED ASSETS

Tangible assets

5

906

1,208

CURRENT ASSETS

Stocks

101,829

83,399

Debtors

6

37,300

9,837

Cash at bank

6,060

31,397

145,189

124,633

CREDITORS

Amounts falling due within one year

7

176,971

105,613

NET CURRENT (LIABILITIES)/ASSETS

(31,782

)

19,020

TOTAL ASSETS LESS CURRENT LIABILITIES

(30,876

)

20,228

PROVISIONS FOR LIABILITIES

8

172

230

NET (LIABILITIES)/ASSETS

(31,048

)

19,998

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(31,049

)

19,997

SHAREHOLDERS' FUNDS

(31,048

)

19,998

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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 director and authorised for issue on 29 July 2020 and were signed by:

J M Thorpe - Director

1.	STATUTORY INFORMATION

M2C Innovation Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to

continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the

going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amounts

receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.

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 equipment

-

33% on cost

Office equipment

-

25% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Due

allowance is made for obsolete and slow moving items. Cost includes all cost of purchase, costs of conversion

and other costs incurred in bringing the stock to its present location and condition.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Office

equipment

equipment

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

4,130

2,390

6,520

DEPRECIATION

At 1 January 2019

3,850

1,462

5,312

Charge for year

70

232

302

At 31 December 2019

3,920

1,694

5,614

NET BOOK VALUE

At 31 December 2019

210

696

906

At 31 December 2018

280

928

1,208

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

4,417

7,554

VAT

2,515

2,283

Prepayments and accrued income

30,368

-

37,300

9,837

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

40,551

18,812

Amounts owed to group undertakings

108,890

-

Other creditors

66

60,554

Director's loan account

25,514

25,272

Accrued expenses

1,950

975

176,971

105,613

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

172

230

Deferred

tax

£

Balance at 1 January 2019

230

Accelerated capital allowances

(58

)

Balance at 31 December 2019

172

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned group companies.

Within creditors is an amount of £25,514 (2018: £25,272) due to J M Thorpe, director. No interest has been

charged on this balance during the year (2018: £Nil) and there are no set repayment terms.