MCLLM 2 Limited - Period Ending 2020-04-30

MCLLM 2 Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

MCLLM 2 Limited

Company Information

Directors

Mr D J Carter Mr S G Wynne

Company secretary

Mrs J E Carter

Registered office

55 Grove Road Harrogate HG1 5EP

MCLLM 2 Limited

(Registration number: 07135248)
Balance Sheet as at 30 April 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	-	-
Current assets
Debtors	5	46,402	126,447
Cash at bank and in hand		69,333	99,528
		115,735	225,975
Creditors: Amounts falling due within one year	6	(40,930)	(128,688)
Net current assets		74,805	97,287
Net assets		74,805	97,287
Capital and reserves
Called up and fully paid share capital		20,000	20,000
Profit and loss account		54,805	77,287
Total equity		74,805	97,287

For the financial year ending 30 April 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.

Approved and authorised by the Board on 18 December 2020 and signed on its behalf by:
 

......................................... Mr D J Carter Director

......................................... Mr S G Wynne Director

MCLLM 2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

1	General information

The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Going concern

The directors have prepared the financial statements on the going concern basis of accounting taking into account the Covid-19 (coronavirus) and the impact that this has had on the performance of the business. The company has utilised the Job Retention Scheme Grant and organisined a bounce back loan as well as negotiating payment holidays and also deferring there VAT payment to assist with cashflow. The overall impact of the Covid-19 outbreak has seen a down turn in sales since March 2020, but as a result of the actions taken the directors concluded that the going concern basis remains appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Government grants

Government grants in relation to revenue expenditure that has already been incurred for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which they become receivable.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

MCLLM 2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	33.33% Straight line

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the Company (including directors) in the year, was 5 (2019 - 5).

MCLLM 2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost
At 1 May 2019 and 30 April 2020	478	478
Depreciation
At 1 May 2019	478	478
At 30 April 2020	478	478
Carrying amount
At 30 April 2020	-	-

5

Debtors

	2020 £	2019 £
Trade debtors	43,000	90,248
Other debtors	3,402	35,984
Prepayments	-	215
	46,402	126,447

6

Creditors

	2020 £	2019 £
Due within one year
Trade creditors	3,240	58,212
Taxation and social security	26,382	19,707
Other creditors	9,608	23,000
Accrued expenses	1,700	27,769
	40,930	128,688

MCLLM 2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

7	Related party transactions

Summary of transactions with parent

Firstman Associates Limited

 During the year the company paid dividends of £2,000 (2019 - £4,000) to a company in witch MCLLM2 Limited has participating interest.

At the balance sheet date the amount owed from MCLLM2 Limited was £2,900 (2019 - £16,671). The loan is interest free and repayable on demand.