ACCOUNTS - Final Accounts preparation

MCC (CLUB) LTD - Company Information

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Registered number: 10175991

MCC (CLUB) LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

MCC (CLUB) LTD

REGISTERED NUMBER: 10175991

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2020

		2020		2019
Note		£		£


Current assets
Stocks	4	73,054		108,054
Debtors: amounts falling due within one year	5	3,000		-
Cash at bank and in hand	6	18,600		66
		94,654		108,120
Creditors: amounts falling due within one year	7	(2,422)		(3,022)
Net current assets			92,232		105,098
Total assets less current liabilities			92,232		105,098

Net assets			92,232		105,098

Capital and reserves
Called up share capital	1,515	1,515
Share premium account	148,500	148,500
Profit and loss account	(57,783)	(44,917)
	92,232	105,098

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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MCC (CLUB) LTD

REGISTERED NUMBER: 10175991

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 2020

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D Napier-Bell

Director

Date: 28 May 2021

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MCC (CLUB) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	General information

MCC (Club) Ltd is a private company limited by shares and incorporated in England & Wales. The address of the registered office is 40 Newlands House Berners Street, London, W1T 3NA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

2.4

Debtors

Short term debtors are measured at transaction price.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.6

Creditors

Short term creditors are measured at the transaction price.

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MCC (CLUB) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.7

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

4.	Stocks
		2020	2019
		£	£

Finished goods and goods for resale	73,054	108,054
	73,054	108,054

Debtors

					2020	2019
					£	£


Prepayments and accrued income	3,000	-
	3,000	-

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	18,600	66
	18,600	66

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MCC (CLUB) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other creditors	1,522	1,522
Accruals and deferred income	900	1,500
	2,422	3,022

8.	Controlling party

During the year, the company was controlled by the director, D Napier-Bell by virtue of his shareholding.

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