MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD

MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD

MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD - Company Information

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Company Registration No. 08573377 (England and Wales)
MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD Unaudited accounts for the year ended 30 June 2020
MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD Unaudited accounts Contents
Page
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MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD Company Information for the year ended 30 June 2020
Directors
A M Minty Dr A Pegram
Secretary
A Minty
Company Number
08573377 (England and Wales)
Registered Office
CASTLEFIELD HOUSE 5TH FLOOR LIVERPOOL ROAD MANCHESTER M3 4SB ENGLAND
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MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD Statement of financial position as at 30 June 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Intangible assets
4
324,658 
649,317 
Tangible assets
5
29 
981 
324,687 
650,298 
Current assets
Debtors
6
137,209 
11,929 
Cash at bank and in hand
212 
469 
137,421 
12,398 
Creditors: amounts falling due within one year
7
(3,279,186)
(3,197,347)
Net current liabilities
(3,141,765)
(3,184,949)
Total assets less current liabilities
(2,817,078)
(2,534,651)
Creditors: amounts falling due after more than one year
8
(858,832)
(756,228)
Net liabilities
(3,675,910)
(3,290,879)
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
(3,676,910)
(3,291,879)
Shareholders' funds
(3,675,910)
(3,290,879)
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2021 and were signed on its behalf by
A M Minty Director Company Registration No. 08573377
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MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD Notes to the Accounts for the year ended 30 June 2020
1
Statutory information
MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD is a private company, limited by shares, registered in England and Wales, registration number 08573377. The registered office is CASTLEFIELD HOUSE 5TH FLOOR, LIVERPOOL ROAD, MANCHESTER, M3 4SB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
15% on reducing balance
Computer equipment
33% on cost
Intangible fixed assets
Intangible Assets include expenditure on the development of engineering solutions such that the key engineering principles of those solutions could be easily replicated on a number of projects. To recognise the advancing nature of technology and solutions within the field of engineering, the Company applies a useful economic life of 5 years to capitalised costs and amortises costs over that period.
Impairment of tangible and intangible assets
The Company assesses assets for impairment annually. If any such indication of impairment exists, the Company makes an estimate of the recoverable value of the asset. An asset?s recoverable amount is the higher of its fair value less costs to sell and its value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are adjusted for the risks specific to the asset and are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money.
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MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD Notes to the Accounts for the year ended 30 June 2020
4
Intangible fixed assets
Other 
£ 
Cost
At 1 July 2019
1,623,294 
At 30 June 2020
1,623,294 
Amortisation
At 1 July 2019
973,977 
Charge for the year
324,659 
At 30 June 2020
1,298,636 
Net book value
At 30 June 2020
324,658 
At 30 June 2019
649,317 
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 July 2019
2,886 
At 30 June 2020
2,886 
Depreciation
At 1 July 2019
1,905 
Charge for the year
952 
At 30 June 2020
2,857 
Net book value
At 30 June 2020
29 
At 30 June 2019
981 
6
Debtors: amounts falling due within one year
2020 
2019 
£ 
£ 
VAT
137,171 
- 
Trade debtors
38 
11,929 
137,209 
11,929 
7
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
VAT
- 
(24,580)
Trade creditors
788,307 
134,511 
Taxes and social security
50,646 
17,337 
Other creditors
88,772 
80,000 
Accruals
2,351,461 
2,990,079 
3,279,186 
3,197,347 
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MARGINAL FIELD DEVELOPMENT COMPANY (MFDEVCO) LTD Notes to the Accounts for the year ended 30 June 2020
8
Creditors: amounts falling due after more than one year
2020 
2019 
£ 
£ 
Other creditors
858,832 
756,228 
9
Average number of employees
During the year the average number of employees was 3 (2019: 4).
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