|
Registered number: 05123148
MCS HOLDINGS LIMITED
AUDITED
DIRECTORS' REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2015
|
|
MCS HOLDINGS LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants and Statutory Auditors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MCS HOLDINGS LIMITED
CONTENTS
|
|
|
|
|
|
Independent auditors' report
|
|
|
|
|
|
|
|
Notes to the financial statements
|
|
|
|
MCS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
The directors present their report and the financial statements for the year ended 31 December 2015.
DIRECTORS' RESPONSIBILITIES STATEMENT
|
The directors are responsible for preparing the annual report 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 judgments 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.
|
The principal activity of the company during the year under review continued to be that of a holding company.
|
|
The directors who served during the year were:
|
DISCLOSURE OF INFORMATION TO AUDITORS
|
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
·so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware, and
·that director has taken all the steps that ought to have been taken as a directors in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
|
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
|
This report was approved by the board on 15 April 2016 and signed on its behalf.
Page 1
|
|
MCS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MCS HOLDINGS LIMITED
We have audited the financial statements of MCS Holdings Limited for the year ended 31 December 2015, set out on pages 4 to 9. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
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 an auditors' report 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.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
OPINION ON FINANCIAL STATEMENTS
In our opinion the financial statements:
·give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its profit for the year then ended;
·have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
·have been prepared in accordance with the requirements of the Companies Act 2006.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Page 2
|
|
MCS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MCS HOLDINGS LIMITED
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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 prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies' exemption from the requirement to prepare a strategic report or in preparing the directors' report.
Robin John FCA CTA (senior statutory auditor)
for and on behalf of
Wellden Turnbull Ltd
Chartered Accountants
Statutory Auditors
Munro House
Portsmouth Road
Cobham
Surrey
KT11 1PP
29 April 2016
Page 3
|
|
MCS HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from shares in group undertakings
|
|
|
|
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
|
|
|
|
Tax on profit on ordinary activities
|
|
|
|
PROFIT FOR THE FINANCIAL YEAR
|
|
|
|
|
|
|
|
|
The notes on pages 6 to 9 form part of these financial statements.
Page 4
|
|
MCS HOLDINGS LIMITED
REGISTERED NUMBER: 05123148
BALANCE SHEET
AS AT 31 DECEMBER 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements were approved and authorised for issue by the board and were signed on its behalf
on 15 April 2016.
The notes on pages 6 to 9 form part of these financial statements.
Page 5
|
|
MCS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.ACCOUNTING POLICIES
|
|
|
Basis of preparation of financial statements
|
|
|
|
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
|
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
|
|
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised when services are performed.
|
|
|
|
|
|
|
|
Investments held as fixed assets are shown at cost less provision for impairment.
|
2.OPERATING PROFIT
The operating profit is stated after charging:
During the year, no director received any emoluments (2014 - £NIL).
3.TAXATION
|
|
|
UK corporation tax charge on profit for the year
|
|
|
|
|
|
|
|
|
There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 20% (2014 - 20%).
There were no factors that may affect future tax charges.
Page 6
|
|
MCS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
4.FIXED ASSET INVESTMENTS
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
At 1 January 2015 and 31 December 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary undertakings
The following were subsidiary undertakings of the company:
|
|
|
Management and Construction Services Limited
|
|
|
|
|
|
MCS Design and Construct Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and Construction Services Limited
|
|
|
|
|
|
MCS Design and Construct Limited
|
|
|
The aggregate of the share capital and reserves as at 31 December 2015 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
|
|
|
|
Aggregate of share capital and reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and Construction Services Limited
|
|
|
|
|
|
MCS Design and Construct Limited
|
|
|
5.DEBTORS
Page 7
|
|
MCS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
6.CREDITORS:
Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.CREDITORS:
Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
8.SHARE CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,530 Ordinary A shares of £0.10 each
|
|
|
|
|
|
180 Ordinary B shares of £0.10 each
|
|
|
|
|
|
765 Ordinary C shares of £0.10 each
|
|
|
|
|
|
180 Ordinary D shares of £0.10 each
|
|
|
|
|
|
765 Ordinary E shares of £0.10 each
|
|
|
|
|
|
180 Ordinary F shares of £0.10 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The shares rank pari passu with each other, except that different dividends may be declared on the different classes of shares.
 
9.RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the financial year
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 8
|
|
MCS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
10.DIVIDENDS
|
|
|
Dividends paid on equity capital
|
|
|
11.RELATED PARTY TRANSACTIONS
At the balance sheet date the following amounts were payable by the company to the directors:
Mr P Hodges £12,224 (2014: £310)
Mr A Rumble £16,726 (2014: £4,649)
Mr P Attewell £5,530 (2014: £4,861)
During the year dividends of £207,861 (2014 - £154,838) were paid to the directors and dividends of £144,541 (2014 - £123,319) were paid to their close family.
During the year the company received a management charge from its subsidiary undertaking Management and Construction Services Limited of £4,900 (2014 - £4,700). At the balance sheet date, the balance due from MCS Holdings Limited to Management and Construction Services Limited was £316,062 (2014 - £298,471).
At the balance sheet date the company owed £100 (2014 - £100) to MCS Design and Construct Limited, a subsidiary undertaking.
12.CONTROLLING PARTY
The company was under the control of the directors by virtue of their ownership of the company's share capital.
Page 9
|
