MCI Logistics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02532963 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

MCI LOGISTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T G Roberts

P J Roberts

REGISTERED OFFICE:

Building B, MCI Business Centre,

4-5 Newtown Industrial Estate

Cross Keys

Newport

NP11 7PZ

REGISTERED NUMBER:

02532963 (England and Wales)

ACCOUNTANTS:

DAVID WRIGHT ACCOUNTANTS LIMITED

1st Floor..

Nathaniel House

David Street

Bridgend

South Wales

CF31 3SA

FIXED ASSETS

Tangible assets

4

321,456

347,339

Investments

5

2

2

321,458

347,341

CURRENT ASSETS

Debtors

6

240,599

319,569

Cash at bank and in hand

1,033,401

1,051,494

1,274,000

1,371,063

CREDITORS

Amounts falling due within one year

7

769,787

808,835

NET CURRENT ASSETS

504,213

562,228

TOTAL ASSETS LESS CURRENT LIABILITIES

825,671

909,569

CREDITORS

Amounts falling due after more than one year

8

(32,500

)

(52,500

)

PROVISIONS FOR LIABILITIES

9

(59,230

)

(63,667

)

NET ASSETS

733,941

793,402

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

10

196,000

224,000

Retained earnings

537,939

569,400

733,941

793,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 18 August 2022 and were signed on its behalf by:

P J Roberts - Director

1.	STATUTORY INFORMATION

MCI Logistics 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 machinery etc

-

33% on cost, 25% on reducing balance, 20% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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 13 (2020 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2021

872,448

Additions

50,256

Disposals

(2,342

)

At 31 December 2021

920,362

DEPRECIATION

At 1 January 2021

525,109

Charge for year

74,412

Eliminated on disposal

(615

)

At 31 December 2021

598,906

NET BOOK VALUE

At 31 December 2021

321,456

At 31 December 2020

347,339

Cost or valuation at 31 December 2021 is represented by:

Plant and

machinery

etc

£

Valuation in 2018

280,000

Cost

640,362

920,362

If plant and machinery had not been revalued it would have been included at the following historical cost:

31/12/21

31/12/20

£

£

Cost

590,122

591,016

Aggregate depreciation

511,682

468,335

Plant and Machinery were valued on an open market basis on 31 December 2018 by Philip Roberts (Company Director) .

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2021

and 31 December 2021

2

NET BOOK VALUE

At 31 December 2021

2

At 31 December 2020

2

The Company owns 100% of the issued share capital of the Maher Cohen Industries Limited, a company incorporated in England and Wales.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade debtors

223,511

265,568

Other debtors

17,088

54,001

240,599

319,569

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade creditors

113,399

93,993

Taxation and social security

164,974

144,892

Other creditors

491,414

569,950

769,787

808,835

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/21

31/12/20

£

£

Other creditors

32,500

52,500

9.	PROVISIONS FOR LIABILITIES

31/12/21

31/12/20

£

£

Deferred tax

59,230

63,667

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2021

63,667

60,000

Accelerated capital allowances

(4,437

)

-

Balance at 31 December 2021

59,230

60,000

The provision relates to obligations within a long term customer contract, which limit the ability of the company to increase charges in line with expected cost increases over the life of the contract, and to parent company management charges.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2021

224,000

Excess depreciation transfer

(28,000

)

At 31 December 2021

196,000

.

11.	RELATED PARTY DISCLOSURES

The company is a 100% subsidiary of Combesgate Limited, a company registered in England and Wales. The registered office is Newton Industrial Estate, Cross Keys, Newport, South Wales, NP11 7PZ.