MPAC Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04910650 (England and Wales)

Report of the Directors and

Financial Statements

for the Period

1st October 2020 to 30th April 2021

for

MPAC Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

N C G Andrews

P D V Buckingham

L Guo

Ms I Sloan

J A de Lavenere Lussan

REGISTERED OFFICE:

7th Floor (North)

11 Old Jewry

London

EC2R 8DU

REGISTERED NUMBER:

04910650 (England and Wales)

AUDITORS:

Meyer Williams

Chartered Accountants

& Statutory Auditors

Stag House

Old London Road

Hertford

Hertfordshire

SG13 7LA

The directors present their report with the financial statements of the company for the period 1st October 2020 to 30th April 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of compliance and regulatory advice.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st October 2020 to the date of this report.

N C G Andrews

P D V Buckingham

Other changes in directors holding office are as follows:

Ms H A Andrews - resigned 22nd April 2021

L Guo - appointed 22nd April 2021

Ms I Sloan - appointed 22nd April 2021

R J Sowah - resigned 22nd April 2021

J A de Lavenere Lussan - appointed 22nd April 2021

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Meyer Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J A de Lavenere Lussan - Director

29th April 2022

Opinion

We have audited the financial statements of MPAC Limited (the 'company') for the period ended 30th April 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30th April 2021 and of its loss for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the company's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the company's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the company's policies in relation to the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102 and applicable tax legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance concerning compliance with such laws and regulations and any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Heaney (Senior Statutory Auditor)

for and on behalf of Meyer Williams

Chartered Accountants

& Statutory Auditors

Stag House

Old London Road

Hertford

Hertfordshire

SG13 7LA

29th April 2022

TURNOVER

3

376,387

776,895

Cost of sales

26,904

105,977

GROSS PROFIT

349,483

670,918

Administrative expenses

417,374

617,520

OPERATING (LOSS)/PROFIT

5

(67,891

)

53,398

Provision for bad debts

6

179,043

-

(LOSS)/PROFIT BEFORE TAXATION

(246,934

)

53,398

Tax on (loss)/profit

7

(15,920

)

10,145

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(231,014

)

43,253

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(231,014

)

43,253

FIXED ASSETS

Tangible assets

8

1,618

2,284

CURRENT ASSETS

Debtors

9

121,448

418,517

Cash at bank

50,072

17,380

171,520

435,897

CREDITORS

Amounts falling due within one year

10

107,092

141,121

NET CURRENT ASSETS

64,428

294,776

TOTAL ASSETS LESS CURRENT LIABILITIES

66,046

297,060

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

65,946

296,960

SHAREHOLDERS' FUNDS

66,046

297,060

The financial statements were approved by the Board of Directors and authorised for issue on 29th April 2022 and were signed on its behalf by:

J A de Lavenere Lussan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st October 2019

100

253,707

253,807

Changes in equity

Total comprehensive income

-

43,253

43,253

Balance at 30th September 2020

100

296,960

297,060

Changes in equity

Total comprehensive income

-

(231,014

)

(231,014

)

Balance at 30th April 2021

100

65,946

66,046

1.	STATUTORY INFORMATION

MPAC 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling which is the company's functional currency.

Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors have considered the impact of the COVID-19 outbreak on the company, its employees, clients and third-party suppliers.

While the pandemic has had a significant impact on the global economy, and there is uncertainty how long it will continue to do so, the directors do not believe it impacts the use of the going concern basis of preparation, nor does it cast significant doubt about the company's ability to continue as a going concern for a period of twelve months from the date of these financial statements' approval.

The directors consider the company to be sufficiently robust that its operations will not be significantly affected and the company, therefore, continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following significant judgements have been made by management in preparing these financial statements:

-

The directors make estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the factors considered include the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover

Turnover comprises amounts recognised by the company in respect of services supplied during the year, exclusive of discounts, rebates and value added tax.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Financial instruments

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments, and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Foreign currencies

Transactions in foreign currency are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

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.

TURNOVER

The turnover and loss (2020 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period

1.10.20

to

Year Ended

30.4.21

30.9.20

(Unaudited)

£

£

United Kingdom

328,358

668,663

Europe

300

-

United States of America

33,792

88,872

South America

11,522

-

Australasia

2,415

14,860

Africa

-

4,500

376,387

776,895

4.	EMPLOYEES AND DIRECTORS

Period

1.10.20

to

Year Ended

30.4.21

30.9.20

(Unaudited)

£

£

Wages and salaries

208,307

388,725

Social security costs

23,995

42,567

Other pension costs

3,547

6,603

235,849

437,895

The average number of employees during the period was as follows:

Period

1.10.20

to

Year Ended

30.4.21

30.9.20

(Unaudited)

Management

4

2

Other staff

6

11

10

13

Period

1.10.20

to

Year Ended

30.4.21

30.9.20

(Unaudited)

£

£

Directors' remuneration

72,917

125,000

Directors' pension contributions to money purchase schemes

767

-

5.	OPERATING (LOSS)/PROFIT

The operating loss (2020 - operating profit) is stated after charging:

Period

1.10.20

to

Year Ended

30.4.21

30.9.20

(Unaudited)

£

£

Depreciation - owned assets

666

1,142

Auditors' remuneration

3,000

-

Foreign exchange differences

4,813

-

6.	EXCEPTIONAL ITEMS

Exceptional items includes amounts written off that were owed by the former owner and other companies controlled by the former owner, which are no longer expected to be recoverable.

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the period was as follows:

Period

1.10.20

to

Year Ended

30.4.21

30.9.20

(Unaudited)

£

£

Current tax:

UK corporation tax

(4,941

)

10,145

Adjustments to previous year

(5,382

)

-

Total current tax

(10,323

)

10,145

Deferred tax

(5,597

)

-

Tax on (loss)/profit

(15,920

)

10,145

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.10.20

to

Year Ended

30.4.21

30.9.20

(Unaudited)

£

£

(Loss)/profit before tax

(246,934

)

53,398

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2020 - 19%)

(46,917

)

10,146

Effects of:

Expenses not deductible for tax purposes

36,380

-

Utilisation of tax losses

5,596

-

Adjustments to tax charge in respect of previous periods

(5,382

)

(1

)

Deferred tax

(5,597

)

-

Total tax (credit)/charge

(15,920

)

10,145

8.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st October 2020

and 30th April 2021

3,426

DEPRECIATION

At 1st October 2020

1,142

Charge for period

666

At 30th April 2021

1,808

NET BOOK VALUE

At 30th April 2021

1,618

At 30th September 2020

2,284

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.9.20

(Unaudited)

£

£

Trade debtors

103,768

127,462

Other debtors

-

265,820

Deferred tax asset

5,597

-

Prepayments and accrued income

12,083

25,235

121,448

418,517

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.9.20

(Unaudited)

£

£

Trade creditors

22,912

58,455

Corporation tax

-

10,323

Social security and other taxes

61,116

72,343

Other creditors

6,764

-

Accruals and deferred income

16,300

-

107,092

141,121

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.21

30.9.20

value:

£

£

100

Ordinary

£1

100

100

12.	RELATED PARTY DISCLOSURES

Included in exceptional items was a debt written off of £58,272 owed by a director, N C G Andrews.

13.	IMMEDIATE AND ULTIMATE PARENT COMPANY

On 22nd April 2021 Laven Partners Limited, a company incorporated in England and Wales, acquired the company's shares and became the immediate parent company.

Laven Holdings Limited, a company incorporated in the British Virgin Islands, has been the ultimate parent company since 22nd April 2021.