REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
MCP PROJECTS (U.K) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
MCP PROJECTS (U.K) LIMITED |
MCP PROJECTS (U.K) LIMITED (REGISTERED NUMBER: 10785531) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 3 |
MCP PROJECTS (U.K) LIMITED (REGISTERED NUMBER: 10785531) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps 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 Sections 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. |
MCP PROJECTS (U.K) LIMITED (REGISTERED NUMBER: 10785531) |
BALANCE SHEET - continued |
31 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MCP PROJECTS (U.K) LIMITED (REGISTERED NUMBER: 10785531) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | Statutory information |
MCP Projects (U.K) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10785531. The registered office address is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and the business address is Unit 7, 11-15 Francis Avenue, Bournemouth, Dorset, BH11 8NX. |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about MCP Projects (U.K) Limited as an individual company. The company is a wholly owned subsidiary and the parent company has taken the option under S399 of the Companies Act 2006 not to prepare consolidated financial statements. |
Turnover |
Turnover represents rental income accounted for on an accruals basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognise in the statement of comprehensive income. |
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. |
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. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
MCP PROJECTS (U.K) LIMITED (REGISTERED NUMBER: 10785531) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 August 2022 |
and 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2020 | 88,849 |
Valuation in 2021 | 38,436 |
Valuation in 2022 | (7,500 | ) |
Cost | 482,715 |
602,500 |
Investment property was valued on an open market basis on 31 July 2023 by the directors . |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Other creditors |
Directors' current accounts | 224,085 | 224,085 |
Accruals and deferred income |
MCP PROJECTS (U.K) LIMITED (REGISTERED NUMBER: 10785531) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
8. | Secured debts |
All monies due to or to become due to NatWest Bank PLC are secured by way of a fixed and floating charge over all the assets of the company, dated 12 June 2019. |
NatWest Bank PLC also hold a fixed charge, dated 30 August 2019, over the freehold property known as Unit 6, 11-15 Francis Avenue, Bournemouth, Dorset, BH11 8NX, which was purchased by the company on the same date. |
9. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 29,946 | 29,946 |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Balance at 31 July 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
11. | Reserves |
Fair |
value |
reserve |
£ |
At 1 August 2022 |
and 31 July 2023 |
12. | Ultimate controlling party |
The company is ultimately controlled by the director, Mr S McKay, by virtue of his 100% holding in the voting share capital of the parent company, MCP Holdings (U.K) Limited. |