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18MC GLOBAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2022






18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


18MC GLOBAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2022







DIRECTOR: Y D Roullac



REGISTERED OFFICE: Systems House
235 Ampthill Road
Bedford
Bedfordshire
MK42 9QG



REGISTERED NUMBER: 08204622 (England and Wales)



SENIOR STATUTORY AUDITOR: Alberto Di Lorenzo FCA



AUDITORS: HW Bedford Limited
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,239
Tangible assets 5 1,850,992 1,866,836
Investments 6 824,102 824,102
2,675,094 2,692,177

CURRENT ASSETS
Debtors 7 1,407,997 437,644
Cash at bank 82 582
1,408,079 438,226
CREDITORS
Amounts falling due within one year 8 2,006,236 423,790
NET CURRENT (LIABILITIES)/ASSETS (598,157 ) 14,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,076,937

2,706,613

CREDITORS
Amounts falling due after more than one year 9 - (592,192 )

PROVISIONS FOR LIABILITIES 11 (111,488 ) (86,275 )
NET ASSETS 1,965,449 2,028,146

CAPITAL AND RESERVES
Called up share capital 12 1,002 1,002
Fair value reserve 13 476,938 502,939
Retained earnings 1,487,509 1,524,205
SHAREHOLDERS' FUNDS 1,965,449 2,028,146

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

BALANCE SHEET - continued
31ST DECEMBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2nd February 2024 and were signed by:





Y D Roullac - Director


18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022

1. STATUTORY INFORMATION

18MC Global 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about 18MC Global Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The key area of estimation uncertainty is the value of the freehold property. The company uses external experts to obtain a valuation on a fair value basis. The revaluations are carried out at regular intervals.

Turnover
Turnover represents management charges and dividend income received from subsidiaries, stated net of value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over remaining useful life
Improvements to property - straight line over 20 years
Fixtures and fittings - 33% on cost

Fixed assets are stated at cost less accumulated depreciation except for freehold property which follows a revaluation model. The company has a policy of regularly revaluing property and inbetween valuations reviews the value for any indicators of impairment.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

2. ACCOUNTING POLICIES - continued
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.

Investments
Shares in group undertakings are included at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st January 2022
and 31st December 2022 37,170
AMORTISATION
At 1st January 2022 35,931
Amortisation for year 1,239
At 31st December 2022 37,170
NET BOOK VALUE
At 31st December 2022 -
At 31st December 2021 1,239

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings Totals
£    £    £    £   
COST OR VALUATION
At 1st January 2022 1,785,000 66,505 63,683 1,915,188
Additions - 10,456 - 10,456
At 31st December 2022 1,785,000 76,961 63,683 1,925,644
DEPRECIATION
At 1st January 2022 - 5,398 42,954 48,352
Charge for year 20,756 1,398 4,146 26,300
At 31st December 2022 20,756 6,796 47,100 74,652
NET BOOK VALUE
At 31st December 2022 1,764,244 70,165 16,583 1,850,992
At 31st December 2021 1,785,000 61,107 20,729 1,866,836

Cost or valuation at 31st December 2022 is represented by:

Improvements Fixtures
Freehold to and
property property fittings Totals
£    £    £    £   
Valuation in 2021 585,275 - - 585,275
Cost 1,199,725 76,961 63,683 1,340,369
1,785,000 76,961 63,683 1,925,644

If freehold property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 1,199,725 1,199,725

Value of land in freehold land and buildings 599,863 599,863

Freehold property was valued on an open market basis on 10th December 2021 by Kirkby Diamond .

The director has considered the value in 2022 and there has not been any indicators of impairment.

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2022
and 31st December 2022 824,102
NET BOOK VALUE
At 31st December 2022 824,102
At 31st December 2021 824,102

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Usystems Limited
Registered office: Systems House, 235 Ampthill Road, Bedford, Bedfordshire. MK42 9QG
Nature of business: Manufactures computer cabinets
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 2,456,566 1,519,315
Profit for the year 937,251 316,453

USystems Inc
Registered office: 350 Fifth Avenue, 41st floor, New York, NY 10118
Nature of business: Sale office
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (159,314 ) (177,051 )
Profit/(loss) for the year 17,687 (177,051 )

18MC Global Private Limited
Registered office: No. 109, Vellala Street, III Floor Puraswalkam Chennai Chennai TN 600084 IN
Nature of business: Sale office
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 102 102

The company was incorporated on 5th February 2021. The entity has been dissolved since Q1 of 2023.

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 1,382,635 324,127
Other debtors 8,014 2
Directors' current accounts - 96,167
Tax 17,348 17,348
1,407,997 437,644

Included in other debtors is the unpaid share capital.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 49,130
Amounts owed to group undertakings 1,894,965 102
Corporation tax 48,571 46,514
Social security and other taxes 53,308 49,042
Other creditors 892 201
Directors' current accounts - 269,801
Accruals and deferred income 8,500 9,000
2,006,236 423,790

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 1-2 years - 58,153
Bank loans - 2-5 years - 190,452
Bank loans more 5 yr - 343,587
- 592,192

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr - 343,587

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans - 641,322

Bank facilities are secured by a fixed and floating charge over all assets, including book debts and property, held by the company.

11. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 111,488 86,275

Deferred
tax
£   
Balance at 1st January 2022 86,275
Provided during year 25,213
Balance at 31st December 2022 111,488

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
10,000 A Shares £0.10 1,000 1,000
10 B Shares £0.10 1 1
10 C Shares £0.10 1 1
1,002 1,002

13. RESERVES
Fair
value
reserve
£   
At 1st January 2022 502,939
Transfer from revaluation (26,001 )

At 31st December 2022 476,938

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)
for and on behalf of HW Bedford Limited

15. CONTINGENT LIABILITIES

The company has granted a cross guarantee to Barclays Bank PLC in relation to facilities granted to the subsidiary company, Usystems Limited. The maximum liability at the balance sheet date under this agreement was £nil (2021 £1,337,914). The bank loan in Usystems was repaid in the year.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is an intermediate parent company and is not required to prepare consolidated accounts. Group accounts can be obtained from the parent company, Legrand, 128 Av. du Maréchal de Lattre de Tassigny 87045 Limoges FRANCE.

17. POST BALANCE SHEET EVENTS

Since Q1 of 2023 18MC Global Private Limited (subsidiary) has been dissolved.

18. ULTIMATE CONTROLLING PARTY

The controlling party is Legrand Electric Limited.

The ultimate controlling party is Legrand.