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REGISTERED NUMBER: 01332326 (England and Wales)















MCI UK Limited

Audited Financial Statements for the Year Ended 31st December 2023






MCI UK Limited (Registered number: 01332326)

Contents of the Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MCI UK Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: Mr J M Sleijster
Ms C L Gough



SECRETARY: Mr M Wheeler



REGISTERED OFFICE: Unit 24/22 South
Building 4000
Langstone Road
Havant
Hampshire
PO9 1SA



REGISTERED NUMBER: 01332326 (England and Wales)



AUDITORS: Sheen Stickland
Chartered Accountants
Statutory Auditors
The Engine House
77 Station Road
Petersfield
Hampshire
GU32 3FQ



SOLICITORS: Penningtons Manches Cooper LLP
31 Chertsey Street
Guildford
Surrey
GU1 4HD

MCI UK Limited (Registered number: 01332326)

Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 43,507 60,890

CURRENT ASSETS
Stocks 23,190 48,196
Debtors 5 2,384,559 3,238,730
Cash at bank and in hand 1,016,350 2,344,116
3,424,099 5,631,042
CREDITORS
Amounts falling due within one year 6 (2,819,540 ) (4,444,771 )
NET CURRENT ASSETS 604,559 1,186,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

648,066

1,247,161

PROVISIONS FOR LIABILITIES (8,773 ) (9,217 )
NET ASSETS 639,293 1,237,944

CAPITAL AND RESERVES
Called up share capital 8 30,000 30,000
Retained earnings 9 609,293 1,207,944
SHAREHOLDERS' FUNDS 639,293 1,237,944

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd April 2024 and were signed on its behalf by:




Ms C L Gough - Director


MCI UK Limited (Registered number: 01332326)

Notes to the Financial Statements
for the Year Ended 31st December 2023


1. STATEMENT OF COMPLIANCE

MCI UK Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Unit 241/22 South, Building 4000, Langstone Road, Havant, Hampshire, PO9 1SA. The registration number is 01332326.

These financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

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 if Section 1A "Small Entities" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover represents the invoiced and accrued value of conference management fees, technical productions and the provisions of association management services, excluding and deferred revenues and value added tax. Turnover is recognised upon the performance of such services.

For Professional Congress Organisation (PCO) services where the company manages an event and earns a conference management fee, third party costs are managed on behalf of clients and are not recognised in cost of sales or turnover. For other services the company retains the risk on third party costs and accordingly recognises cost of sales and turnover.

Turnover on events or conferences which are delivered after the year end is not accrued as the performance obligations have not been met.

MCI UK Limited (Registered number: 01332326)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 12.5% on cost
Computer equipment - 33% on cost

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate.The useful lives of these assets are estimated based on historic experience and future considerations and these are re-assessed annually.

Any gain or loss arising on the disposal of an asset is determined by the difference between sale proceeds and carrying value of the asset, and is credited or charged to the profit or loss.

Stocks and long-term contract balances
Inventories consist of work in progress on events that have not yet occurred. Revenue is recognised when the performance obligation has been met, at the end of each event. Costs incurred in the preparation of the event are included in work in progress at cost. Payments on account are shown as a liability within creditors. Full provision is made for foreseeable losses.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short term liquid investments.

Debtors
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.


MCI UK Limited (Registered number: 01332326)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension contributions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 42 ) .

MCI UK Limited (Registered number: 01332326)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st January 2023 3,528 49,227 120,498 173,253
Additions - 19,632 3,214 22,846
Disposals - (32,013 ) (21,366 ) (53,379 )
At 31st December 2023 3,528 36,846 102,346 142,720
DEPRECIATION
At 1st January 2023 3,528 27,950 80,885 112,363
Charge for year - 7,467 22,294 29,761
Eliminated on disposal - (21,645 ) (21,266 ) (42,911 )
At 31st December 2023 3,528 13,772 81,913 99,213
NET BOOK VALUE
At 31st December 2023 - 23,074 20,433 43,507
At 31st December 2022 - 21,277 39,613 60,890

Security

A debenture agreement with NatWest Bank PLC was set up as a security by a way of fixed and floating charges in case the liabilities to NatWest Bank are not paid when due.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,082,090 2,202,476
Other debtors 8,160 45,022
Prepayments and accrued income 748,310 617,117
Accrued income 545,999 374,115
2,384,559 3,238,730

MCI UK Limited (Registered number: 01332326)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 870,942 513,574
Tax 3,275 129,051
Social security and other taxes 52,660 48,676
VAT 119,954 316,280
Other creditors 509,691 1,307,781
Accruals and deferred income 1,263,018 2,129,409
2,819,540 4,444,771

Included in other creditors is a pension liability balance of £18,513 (2022: £16,993).

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 73,977 112,382
Between one and five years 52,781 104,587
126,758 216,969

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30,000 Ordinary 1 30,000 30,000

9. RESERVES
Retained
earnings
£   

At 1st January 2023 1,207,944
Profit for the year 1,349
Dividends (600,000 )
At 31st December 2023 609,293

MCI UK Limited (Registered number: 01332326)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


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

The Report of the Auditors was unqualified.

David Sanders BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Sheen Stickland

11. 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.

12. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling parent company and controlling party is MCI Group Holding SA a private company incorporated in Switzerland, located at Rue Du Pre-Bouvier 9, Satigny, Geneva, Switzerland..