MCI Logistics Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02532963 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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

Unit 10

Bridgend Business Park

Bennett Street

Bridgend

South Wales

CF31 3SH

FIXED ASSETS

Tangible assets

4

678,994

321,456

Investments

5

2

2

678,996

321,458

CURRENT ASSETS

Debtors

6

228,430

240,599

Cash at bank and in hand

924,679

1,033,401

1,153,109

1,274,000

CREDITORS

Amounts falling due within one year

7

940,038

769,787

NET CURRENT ASSETS

213,071

504,213

TOTAL ASSETS LESS CURRENT LIABILITIES

892,067

825,671

CREDITORS

Amounts falling due after more than one year

8

-

(32,500

)

PROVISIONS FOR LIABILITIES

9

(46,023

)

(59,230

)

NET ASSETS

846,044

733,941

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

10

168,000

196,000

Retained earnings

678,042

537,939

846,044

733,941

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 22 August 2023 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 (2021 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

-

920,362

920,362

Additions

187,400

252,017

439,417

At 31 December 2022

187,400

1,172,379

1,359,779

DEPRECIATION

At 1 January 2022

-

598,906

598,906

Charge for year

2,343

79,536

81,879

At 31 December 2022

2,343

678,442

680,785

NET BOOK VALUE

At 31 December 2022

185,057

493,937

678,994

At 31 December 2021

-

321,456

321,456

Cost or valuation at 31 December 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2018

-

280,000

280,000

Cost

187,400

892,379

1,079,779

187,400

1,172,379

1,359,779

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

31/12/22

31/12/21

£

£

Cost

590,122

590,122

Aggregate depreciation

511,682

511,682

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 2022

and 31 December 2022

2

NET BOOK VALUE

At 31 December 2022

2

At 31 December 2021

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

31/12/22

31/12/21

£

£

Trade debtors

191,079

223,511

Other debtors

37,351

17,088

228,430

240,599

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Trade creditors

134,314

113,399

Taxation and social security

116,975

164,974

Other creditors

688,749

491,414

940,038

769,787

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/22

31/12/21

£

£

Other creditors

-

32,500

9.	PROVISIONS FOR LIABILITIES

31/12/22

31/12/21

£

£

Deferred tax

46,023

59,230

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2022

59,230

60,000

Accelerated capital allowances

(13,207

)

-

Balance at 31 December 2022

46,023

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 2022

196,000

Excess depreciation transfer

(28,000

)

At 31 December 2022

168,000

.

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.