18MC GLOBAL LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2022 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserve | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
BALANCE SHEET - continued |
31ST DECEMBER 2022 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1st January 2022 |
and 31st December 2022 |
AMORTISATION |
At 1st January 2022 |
Amortisation for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
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 |
Additions |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
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 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Systems House, 235 Ampthill Road, Bedford, Bedfordshire. MK42 9QG |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 350 Fifth Avenue, 41st floor, New York, NY 10118 |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: No. 109, Vellala Street, III Floor Puraswalkam Chennai Chennai TN 600084 IN |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
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 |
Other debtors |
Directors' current accounts | - | 96,167 |
Tax |
Included in other debtors is the unpaid share capital. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | - | 269,801 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr |
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 |
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 |
Provided during year |
Balance at 31st December 2022 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
A Shares | £0.10 | 1,000 | 1,000 |
B Shares | £0.10 | 1 | 1 |
C Shares | £0.10 | 1 | 1 |
1,002 | 1,002 |
13. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st January 2022 |
Transfer from revaluation | (26,001 | ) |
At 31st December 2022 |
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. |
for and on behalf of |
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 |