REGISTERED NUMBER: |
MCI UK Limited |
Audited Financial Statements for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
The Engine House |
77 Station Road |
Petersfield |
Hampshire |
GU32 3FQ |
SOLICITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
Other debtors |
Prepayments and accrued income |
Accrued income | 545,999 | 374,115 |
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 |
Tax |
Social security and other taxes |
VAT | 119,954 | 316,280 |
Other creditors |
Accruals and deferred income |
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 |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 30,000 | 30,000 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1st January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31st December 2023 |
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. |
for and on behalf of |
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.. |