MC1 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05159633 (England and Wales)

Unaudited Financial Statements For The Year Ended 31st March 2018

for

MC1 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T G McClure

Mr W McClure

Mrs C A McClure

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

4

182,574

424,615

Investment property

5

275,000

-

457,574

424,615

CURRENT ASSETS

Stocks

12,752

14,849

Debtors

6

929,638

536,063

Cash at bank and in hand

1,335,561

1,106,381

2,277,951

1,657,293

CREDITORS

Amounts falling due within one year

7

316,430

322,138

NET CURRENT ASSETS

1,961,521

1,335,155

TOTAL ASSETS LESS CURRENT LIABILITIES

2,419,095

1,759,770

CREDITORS

Amounts falling due after more than one year

8

(7,040

)

(12,229

)

PROVISIONS FOR LIABILITIES

(48,608

)

(46,964

)

NET ASSETS

2,363,447

1,700,577

CAPITAL AND RESERVES

Called up share capital

1,006

1,006

Revaluation reserve

9

79,513

-

Retained earnings

2,282,928

1,699,571

SHAREHOLDERS' FUNDS

2,363,447

1,700,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2018 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.

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 on 18th December 2018 and were signed on its behalf by:

Mr T G McClure - Director

1.	STATUTORY INFORMATION

MC1 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

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

slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2017

190,211

617,987

808,198

Additions

-

56,685

56,685

Disposals

-

(257,201

)

(257,201

)

Reclassification/transfer

(179,275

)

-

(179,275

)

At 31st March 2018

10,936

417,471

428,407

DEPRECIATION

At 1st April 2017

2,406

381,177

383,583

Charge for year

219

41,738

41,957

Eliminated on disposal

-

(179,707

)

(179,707

)

At 31st March 2018

2,625

243,208

245,833

NET BOOK VALUE

At 31st March 2018

8,311

174,263

182,574

At 31st March 2017

187,805

236,810

424,615

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2017

and 31st March 2018

24,780

DEPRECIATION

At 1st April 2017

and 31st March 2018

6,195

NET BOOK VALUE

At 31st March 2018

18,585

At 31st March 2017

18,585

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Revaluations

95,725

Reclassification/transfer

179,275

At 31st March 2018

275,000

NET BOOK VALUE

At 31st March 2018

275,000

The directors have revalued the investment property based on the open market value as at 31st March 2018.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Trade debtors

271,298

231,645

Other debtors

658,340

304,418

929,638

536,063

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

The following liabilities are disclosed under creditors falling due within one year are secured on the assets of the

company:

Hire purchase and finance lease agreements: £5,736 (2017 - £5,644)

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/18

31/3/17

£

£

Hire purchase contracts

7,040

12,229

The following liabilities are disclosed under creditors falling due within one year are secured on the assets of the

company:

Hire purchase and finance lease agreements: £7,040 (2017 - £12,229)

9.

RESERVES

Revaluation

reserve

£

Reclassification from revaluation reserve to profit and loss account

79,513

At 31st March 2018

79,513