MCM Net Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03413930 (England and Wales)

MCM NET LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J R McMahon

SECRETARY:

Mrs T A McMahon

REGISTERED OFFICE:

188 High Street

Tonbridge

Kent

TN9 1BE

REGISTERED NUMBER:

03413930 (England and Wales)

ACCOUNTANTS:

Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

FIXED ASSETS

Tangible assets

4

11,130

13,034

CURRENT ASSETS

Debtors

180,467

211,211

Cash at bank

566,977

460,466

747,444

671,677

CREDITORS

Amounts falling due within one year

402,130

326,748

NET CURRENT ASSETS

345,314

344,929

TOTAL ASSETS LESS CURRENT LIABILITIES

356,444

357,963

PROVISIONS FOR LIABILITIES

2,057

2,503

NET ASSETS

354,387

355,460

CAPITAL AND RESERVES

Called up share capital

95

95

Capital redemption reserve

5

5

Retained earnings

354,287

355,360

SHAREHOLDERS' FUNDS

354,387

355,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 17 February 2021 and were signed by:

J R McMahon - Director

1.	STATUTORY INFORMATION

MCM Net 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax, from the provision of digital marketing services during the period. Turnover is recognised according to the stage of completion of the contract to which it relates. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

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

Fixtures, fittings & equipment

-

20% on reducing balance

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2019 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2019

47,637

Additions

878

At 31 August 2020

48,515

DEPRECIATION

At 1 September 2019

34,603

Charge for year

2,782

At 31 August 2020

37,385

NET BOOK VALUE

At 31 August 2020

11,130

At 31 August 2019

13,034