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REGISTRAR OF COMPANIES

Registration number: 06412303

MDCC Limited

Unaudited Financial Statements

31 January 2023

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MDCC Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MDCC Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MDCC Limited for the year ended 31 January 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of MDCC Limited, as a body, in accordance with the terms of our engagement letter dated 11 September 2020. Our work has been undertaken solely to prepare for your approval the accounts of MDCC Limited and state those matters that we have agreed to state to the Board of Directors of MDCC Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MDCC Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MDCC Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MDCC Limited. You consider that MDCC Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MDCC Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

21 September 2023

 

MDCC Limited

(Registration number: 06412303)
Balance Sheet as at 31 January 2023

Note

31 January 2023
£

31 January 2022
£

Fixed assets

 

Intangible assets

4

25,110

34,079

Tangible assets

5

32,173

30,795

 

57,283

64,874

Current assets

 

Stocks

1,704

1,704

Debtors

6

14,197

7,059

Cash at bank and in hand

 

1,890

25,581

 

17,791

34,344

Creditors: Amounts falling due within one year

7

(28,331)

(24,813)

Net current (liabilities)/assets

 

(10,540)

9,531

Total assets less current liabilities

 

46,743

74,405

Provisions for liabilities

(3,609)

(5,851)

Net assets

 

43,134

68,554

Capital and reserves

 

Allotted, called up and fully paid share capital

91

91

Profit and loss account

43,043

68,463

Total equity

 

43,134

68,554

 

MDCC Limited

(Registration number: 06412303)
Balance Sheet as at 31 January 2023 (continued)

For the financial year ending 31 January 2023 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 her 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 September 2023
 

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

H Brown

Director

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

The principal place of business is:
Maryport Dental Care Centre
Broadside House
Irish Street
MARYPORT
CA15 8AD

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.

The company has net current liabilities at 31 January 2023 and meets its day to day working capital requirements through its directors loan account facility which, in common with all such facilities, is repayable on demand. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its director, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance basis

Furniture, fittings and office equipment

33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

172,501

172,501

At 31 January 2023

172,501

172,501

Amortisation

At 1 February 2022

138,422

138,422

Amortisation charge

8,969

8,969

At 31 January 2023

147,391

147,391

Carrying amount

At 31 January 2023

25,110

25,110

At 31 January 2022

34,079

34,079

5

Tangible assets

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 February 2022

93,115

18,591

111,706

Additions

6,358

-

6,358

At 31 January 2023

99,473

18,591

118,064

Depreciation

At 1 February 2022

62,682

18,229

80,911

Charge for the year

4,803

177

4,980

At 31 January 2023

67,485

18,406

85,891

Carrying amount

At 31 January 2023

31,988

185

32,173

At 31 January 2022

30,433

362

30,795

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

6

Debtors

31 January 2023
£

31 January 2022
£

Trade debtors

1,275

994

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12,804

-

Other debtors

118

6,065

14,197

7,059

7

Creditors

Note

31 January 2023
£

31 January 2022
£

Due within one year

 

Loans and borrowings

8

4,706

-

Trade creditors

 

4,000

2,691

Taxation and social security

 

2,511

751

Corporation tax liability

 

11,031

12,640

Other creditors

 

6,083

8,731

 

28,331

24,813

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

8

Loans and borrowings

31 January 2023
£

31 January 2022
£

Current loans and borrowings

Finance lease liabilities

4,067

-

Other borrowings

639

-

4,706

-

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 January 2023
£

31 January 2022
£

Finance lease liabilities

4,067

-

Finance lease liabilities are secured on the assets to which they relate.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 January 2023
£

31 January 2022
£

Not later than one year

15,000

10,500

Later than one year and not later than five years

60,000

-

Later than five years

213,750

-

288,750

10,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £13,583 (2022 - £11,667).

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £288,750 (2022 - £10,500). This related to the lease of the business's property, which has 19 years and 3 months remaining.

 

MDCC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

11

Related party transactions

Transactions with the director

2023

At 1 February 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 January 2023
£

J M Stevenson

Director's loan

4,970

-

(4,970)

-

-

-

-

               
         

H Brown

Loan

-

29,739

(29,967)

-

-

228

-

               
         

 

2022

At 1 April 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 January 2022
£

J M Stevenson

Director's loan

-

4,970

-

-

-

-

4,970

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at 2% on advances to directors.