MC Investments Ltd - Filleted accounts

MC Investments Ltd - Filleted accounts

M C INVESTMENTS LIMITED - Company Information

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Registered number
04117964
MC Investments Ltd
Filleted Accounts
31 December 2016
MC Investments Ltd
Registered number: 04117964
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 1,059,445 1,057,909
Current assets
Debtors 3 300,768 220,431
Cash at bank and in hand 11,001 9,092
311,769 229,523
Creditors: amounts falling due within one year 4 (859,652) (857,903)
Net current liabilities (547,883) (628,380)
Net assets 511,562 429,529
Capital and reserves
Called up share capital 2 2
Revaluation reserve 5 292,872 292,872
Profit and loss account 218,688 136,655
Shareholders' funds 511,562 429,529
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tofik Miah
Director
Approved by the board on 29 September 2017
MC Investments Ltd
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2016 1,057,909
Additions 1,536
At 31 December 2016 1,059,445
Depreciation
At 31 December 2016 -
Net book value
At 31 December 2016 1,059,445
At 31 December 2015 1,057,909
3 Debtors 2016 2015
£ £
Trade debtors 6,494 1,157
Other debtors 294,274 219,274
300,768 220,431
4 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 271,447 283,182
Corporation tax 20,124 5,863
Other creditors 568,081 568,858
859,652 857,903
5 Revaluation reserve 2016 2015
£ £
At 1 January 2016 292,872 292,872
At 31 December 2016 292,872 292,872
6 Other information
MC Investments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
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