MC2 Trading Ltd - Period Ending 2022-12-31

MC2 Trading Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

MC2 Trading Ltd

Company Information

Director

M G Chennells

Registered office

Parkhill House Eagle Lincoln LN6 9FT

Bankers

HSBC plc 221 High Street Lincoln LN1 1TS

Accountants

Atkinson Saul Fairholm Limited Chartered Accountants 21A Newland Lincoln LN1 1XP

MC2 Trading Ltd

(Registration number: 10281012)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	29,849	39,848
Cash at bank and in hand		5,602	6,404
		35,451	46,252
Creditors: Amounts falling due within one year	5	(10,356)	(10,356)
Total assets less current liabilities		25,095	35,896
Creditors: Amounts falling due after more than one year	5	(21,508)	(30,408)
Net assets		3,587	5,488
Capital and reserves
Called up share capital		1	1
Profit and loss account		3,586	5,487
Shareholders' funds		3,587	5,488

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and Profit and Loss Account has been taken.

Approved and authorised by the director on 26 September 2023
 

.........................................

M G Chennells
Director

MC2 Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Parkhill House
Eagle
Lincoln
LN6 9FT

These financial statements were authorised for issue by the director on 26 September 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

MC2 Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability are charged as interest expense in the profit and loss account.
 

3	Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 0 (2021 - 0).

MC2 Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Debtors

	Note	2022 £	2021 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7	29,648	39,648
Other debtors		201	200
		29,849	39,848

5

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	6	8,900	8,900
Other creditors		1,456	1,456
		10,356	10,356

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	6	21,508	30,408

6	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	21,508	30,408

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	8,900	8,900

7	Related party transactions

Summary of transactions with parent

loan exists between the company and its parent. At the year end the balance due from MC2 London Ltd was £29,648 (2021 - £39,648).

MC2 Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8	Parent and ultimate parent undertaking

The company's immediate parent is MC2 London Ltd, incorporated in England and Wales, whose registered office address is Parkhill House, Eagle, Lincoln, LN6 9FT.