MC1 Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 05159633 (England and Wales)

Unaudited Financial Statements For The Year Ended 31st March 2016

for

MC1 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr T G McClure

Mr W McClure

Mrs C A McClure

Mr S Rutherford

SECRETARY:

Mrs C A McClure

REGISTERED OFFICE:

Meadowcroft

Low Road

Forncett St Mary

Norwich

Norfolk

NR16 1JJ

REGISTERED NUMBER:

05159633 (England and Wales)

ACCOUNTANTS:

Aston Shaw Ltd

The Union Building

51-59 Rose Lane

Norwich

Norfolk

NR1 1BY

FIXED ASSETS

Tangible assets

2

218,447

148,428

CURRENT ASSETS

Stocks

3

13,551

8,400

Debtors

4

451,040

486,837

Cash at bank and in hand

820,440

563,967

1,285,031

1,059,204

CREDITORS

Amounts falling due within one year

5

238,804

218,521

NET CURRENT ASSETS

1,046,227

840,683

TOTAL ASSETS LESS CURRENT LIABILITIES

1,264,674

989,111

PROVISIONS FOR LIABILITIES

6

43,417

30,859

NET ASSETS

1,221,257

958,252

CAPITAL AND RESERVES

Called up share capital

7

1,006

1,006

Retained earnings

8

1,220,251

957,246

SHAREHOLDERS' FUNDS

1,221,257

958,252

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21st November 2016 and were signed on its behalf by:

Mr T G McClure - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding 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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

Going concern

These financial statements have been prepared on the going concern basis. The Directors consider

this basis to be appropriate but have not assessed a period in excess of 12 months from the date

of approving the accounts.

2.	TANGIBLE FIXED ASSETS

Buildings

Plant and

Motor

Computer

-Barn

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2015

10,936

344,976

32,395

2,825

391,132

Additions

-

139,804

-

333

140,137

At 31st March 2016

10,936

484,780

32,395

3,158

531,269

DEPRECIATION

At 1st April 2015

1,968

211,585

27,082

2,069

242,704

Charge for year

219

68,299

1,328

272

70,118

At 31st March 2016

2,187

279,884

28,410

2,341

312,822

NET BOOK VALUE

At 31st March 2016

8,749

204,896

3,985

817

218,447

At 31st March 2015

8,968

133,391

5,313

756

148,428

3.

STOCKS

31/3/16

31/3/15

£

£

Stocks

13,551

8,400

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/16

31/3/15

£

£

Trade debtors

148,159

322,581

CIS deducted

295,071

157,708

Prepayments

7,810

6,548

451,040

486,837

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/16

31/3/15

£

£

Trade creditors

88,773

62,066

Tax

81,457

71,071

VAT

57,682

62,549

Directors' loan accounts

9,462

21,560

Accrued expenses

1,430

1,275

238,804

218,521

6.	PROVISIONS FOR LIABILITIES

31/3/16

31/3/15

£

£

Deferred tax

43,417

30,859

Deferred

tax

£

Balance at 1st April 2015

30,859

Movement

12,558

Balance at 31st March 2016

43,417

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/16

31/3/15

value:

£

£

1,000

Ordinary A

£1

1,000

1,000

2

Ordinary B

£1

2

2

1

Ordinary C

£1

1

1

1

Ordinary D

£1

1

1

2

Ordinary E

£1

2

2

1,006

1,006

8.

RESERVES

Retained

earnings

£

At 1st April 2015

957,246

Profit for the year

383,425

Dividends

(120,420

)

At 31st March 2016

1,220,251

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties in this period were Mr T McClure and Mr W McClure by way of their

shareholdings.