MCG COMPUTER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
MCG Computer Solutions Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered address is Swan House, 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ.
The principal activity of the Company has been the provision of temporary staffing and permanent recruitment services, but there were no trading activities carried out during the year as the Company remained dormant.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
At the time of approving the financial statements, based on the support of the Company's immediate parent, Tangent International Group Ltd, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments.
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