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MCN Group Limited
Registered Number:12593616
For the year ended 31 May 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 May 2023
MCN Group Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
12593616
As at 31 May 2023
MCN Group Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
12,533
8,828
2
12,533
8,828
Current assets
Trade and other receivables
89,298
157,410
3
211,352
Cash and cash equivalents
253,189
410,599
300,650
Trade and other payables: amounts falling due within one year
(145,914)
(217,984)
4
154,736
192,615
Net current assets
Total assets less current liabilities
205,148
163,564
205,148
Net assets
163,564
Capital and reserves
Called up share capital
90
90
Retained earnings
205,058
163,474
205,148
163,564
Shareholders' funds
For the year ended 31 May 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395 and
which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable
to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Nicholas Cleere Director
These financial statements were approved and authorised for issue by the Board on 26 January 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 May 2023
MCN Group Limited
Notes to the Financial Statements
Statutory Information
MCN Group Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
12593616.
Registered address:
171 Cleveland Way
Stevenage
Hertfordshire
SG1 6BX
The presentation currency is £ sterling.
MCN Group Limited is a private company, limited by shares, registered in England & Wales.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard
102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
25 Reducing balance
25 Reducing balance
Office Equipment
25 Reducing balance
Motor Vehicles
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
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5
For the year ended 31 May 2023
MCN Group Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Office
Equipment
Motor Vehicles
Plant and
Machinery
£
£
£
£
Cost or valuation
At 01 June 2022
15,260
10,518
4,742
-
7,883
-
7,495
388
Additions
At 31 May 2023
388
12,237
10,518
23,143
Provision for depreciation and impairment
At 01 June 2022
6,432
4,358
2,074
-
Charge for year
4,178
1,540
2,541
97
At 31 May 2023
10,610
5,898
4,615
97
At 31 May 2023
Net book value
291
7,622
4,620
12,533
At 31 May 2022
-
2,668
6,160
8,828
3. Trade and other receivables
2022
2023
£
£
Trade debtors
84,806
74,111
Prepayments and accrued income
433
563
Amounts owed by directors
3,379
4,315
Taxation and social security
36,416
10,575
Other debtors
32,376
(266)
89,298
157,410
The debtors above include the following amounts falling due after more than one year:
Other debtors
41,699
12,689
The business is owed £42749 held as retentions by customers; the director believes these monies are fully realisable. The business owes £1051 as retentions withheld from subcontractors; the director believes these monies are fully payable.
4. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Trade creditors
48,324
139,776
Taxation and social security
12,678
5,468
Accruals and deferred income
156,982
670
217,984
145,914
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6
For the year ended 31 May 2023
MCN Group Limited
Notes to the Financial Statements Continued
5. Directors advances and guarantees
At 01/06/2022
Loaned
Repaid
At 31/05/2023
£
£
£
£
Nicholas Cleere
Unsecured Interest Free Loan
3,379
4,315
3,379
4,315
3,379
4,315
3,379
4,315
6. Average number of persons employed
During the year the average number of employees was 0
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