3 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09905578 2022-01-01 2022-12-31 09905578 2022-12-31 09905578 2021-01-01 2021-12-31 09905578 2021-12-31 09905578 bus:RegisteredOffice 2022-01-01 2022-12-31 09905578 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 09905578 bus:Director1 2022-01-01 2022-12-31 09905578 bus:Director2 2022-01-01 2022-12-31 09905578 core:WithinOneYear 2022-12-31 09905578 core:WithinOneYear 2021-12-31 09905578 core:ShareCapital 2022-12-31 09905578 core:ShareCapital 2021-12-31 09905578 core:RetainedEarningsAccumulatedLosses 2022-12-31 09905578 core:RetainedEarningsAccumulatedLosses 2021-12-31 09905578 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 09905578 core:Non-currentFinancialInstruments 2022-12-31 09905578 core:Non-currentFinancialInstruments 2021-12-31 09905578 bus:SmallEntities 2022-01-01 2022-12-31 09905578 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 09905578 bus:FullAccounts 2022-01-01 2022-12-31 09905578 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 09905578 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09905578 core:Associate1 2022-01-01 2022-12-31
Company registration number: 09905578
MCD Consultancy Limited
Unaudited filleted financial statements
31 December 2022
MCD Consultancy Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
MCD Consultancy Limited
Directors and other information
Directors Mr E Dodwell
Mrs Jenny Chen-Xi Dodwell
Company number 09905578
Registered office 2nd Floor
107 Charterhouse Street
London
EC1M 6HW
Accountants Leftley Rowe and Company
2nd Floor
107 Charterhouse Street
London
EC1M 6HW
Bankers Santander
2 Triton Square
Regent's Place
London
NW1 3AN
MCD Consultancy Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 6 180,000 180,000
_______ _______
180,000 180,000
Current assets
Debtors 7 674,236 674,236
Cash at bank and in hand 122,143 127,266
_______ _______
796,379 801,502
Creditors: amounts falling due
within one year 8 ( 48,059) ( 51,133)
_______ _______
Net current assets 748,320 750,369
_______ _______
Total assets less current liabilities 928,320 930,369
_______ _______
Net assets 928,320 930,369
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 928,220 930,269
_______ _______
Shareholders funds 928,320 930,369
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr E Dodwell
Director
Company registration number: 09905578
MCD Consultancy Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor, 107 Charterhouse Street, London, EC1M 6HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through the continued support of itsdirector and shareholder. The director and shareholder have committed that they will continue providingfinancial assistance to enable the company to continue its business operations as a going concern for atleast 12 months from the date of signing of these financial statements. On this basis the directorconsiders that it is appropriate to prepare the financial statements on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Other operating income
2022 2021
£ £
Government grant income - 7,428
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 2 ).
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2022 and 31 December 2022 180,000 180,000
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 180,000 180,000
_______ _______
At 31 December 2021 180,000 180,000
_______ _______
7. Debtors
2022 2021
£ £
Other debtors 674,236 674,236
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax ( 319) 7,700
Social security and other taxes 1,856 -
Other creditors 46,522 43,433
_______ _______
48,059 51,133
_______ _______
9. Related party transactions
During the year the company made an interest free loan to MCD ChinaUK Investment Limited, whom Mr Edward Alexander Dyson Dodwell is also the shareholder of, to provide working capital to operate its business. The balance owed from MCD ChinaUK Investment UK Limited was £674,236 (2021: £674,236) as at 31/12/2022.