18MC Global Limited - Accounts to registrar (filleted) - small 18.2

18MC GLOBAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST MARCH 2019 TO 31ST DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

9

DIRECTOR:

M Cook

SECRETARY:

D Cook

REGISTERED OFFICE:

Systems House

235 Ampthill Road

Bedford

Bedfordshire

MK42 9QG

REGISTERED NUMBER:

08204622 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Intangible assets

4

16,107

22,302

Tangible assets

5

1,224,179

1,242,082

Investments

6

824,000

824,000

2,064,286

2,088,384

CURRENT ASSETS

Debtors

7

313,749

326,829

Cash at bank

2,739

628

316,488

327,457

CREDITORS

Amounts falling due within one year

8

401,161

289,309

NET CURRENT (LIABILITIES)/ASSETS

(84,673

)

38,148

TOTAL ASSETS LESS CURRENT LIABILITIES

1,979,613

2,126,532

CREDITORS

Amounts falling due after more than one year

9

(646,087

)

(684,691

)

PROVISIONS FOR LIABILITIES

(6,154

)

(10,491

)

NET ASSETS

1,327,372

1,431,350

CAPITAL AND RESERVES

Called up share capital

1,002

1,002

Retained earnings

1,326,370

1,430,348

SHAREHOLDERS' FUNDS

1,327,372

1,431,350

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31st 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th December 2020 and were signed by:

M Cook - Director

1.	STATUTORY INFORMATION

18MC Global 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated.

Preparation of consolidated financial statements

The financial statements contain information about 18MC Global Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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 subsidiaries within the group.

Turnover

Turnover represents management charges and dividend income received from subsidiaries, stated net of value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Fixtures and fittings

-

33% on cost and 20% on reducing balance

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.

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.

Investments

Shares in group undertakings are included at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1st March 2019

and 31st December 2019

37,170

AMORTISATION

At 1st March 2019

14,868

Amortisation for period

6,195

At 31st December 2019

21,063

NET BOOK VALUE

At 31st December 2019

16,107

At 28th February 2019

22,302

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

property

fittings

Totals

£

£

£

£

COST

At 1st March 2019

and 31st December 2019

1,199,725

53,058

63,683

1,316,466

DEPRECIATION

At 1st March 2019

47,989

2,122

24,273

74,384

Charge for period

9,998

885

7,020

17,903

At 31st December 2019

57,987

3,007

31,293

92,287

NET BOOK VALUE

At 31st December 2019

1,141,738

50,051

32,390

1,224,179

At 28th February 2019

1,151,736

50,936

39,410

1,242,082

Included in cost of land and buildings is freehold land of £ 599,863 (2019 - £ 599,863 ) which is not depreciated.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st March 2019

and 31st December 2019

824,000

NET BOOK VALUE

At 31st December 2019

824,000

At 28th February 2019

824,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Usystems Limited

Registered office: Systems House, 235 Ampthill Road, Bedford, Bedfordshire. MK42 9QG

Nature of business: Manufactures computer cabinets

%

Class of shares:

holding

Ordinary

100.00

7.

DEBTORS

31/12/19

28/2/19

£

£

Amounts falling due within one year:

Other debtors

2

2

31/12/19

28/2/19

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

313,747

326,827

Aggregate amounts

313,749

326,829

Included in other debtors is the unpaid share capital.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

28/2/19

£

£

Bank loans and overdrafts

53,999

53,999

Corporation tax

57,493

65,595

Social security and other taxes

869

1,583

Other creditors

238

148

Directors' current accounts

281,262

140,734

Accruals and deferred income

7,300

27,250

401,161

289,309

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/19

28/2/19

£

£

Bank loans - 1-2 years

56,402

56,402

Bank loans - 2-5 years

184,716

184,716

Bank loans more 5 yr

404,969

443,573

646,087

684,691

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr

404,969

443,573

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/19

28/2/19

£

£

Bank loans

700,086

738,690

Bank facilities are secured by a fixed and floating charge over all assets, including book debts and property, held by the company.

11.	CONTINGENT LIABILITIES

The company has granted a cross guarantee to Barclays Bank PLC in relation to facilities granted to the subsidiary company, Usystems Limited.

The maximum liability at the balance sheet date under this agreement was £1,467,624 (02/2019 £501,433).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is M Cook.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 18MC Global Limited for the period ended 31st December 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of 18MC Global Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 18MC Global Limited and state those matters that we have agreed to state to the director of 18MC Global Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 18MC Global Limited and its director for our work or for this report.

It is your duty to ensure that 18MC Global Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 18MC Global Limited. You consider that 18MC Global Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of 18MC Global Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

21st December 2020