REGISTERED NUMBER: |
Unaudited Financial Statements |
for the period |
7 February 2022 to 31 December 2022 |
for |
MMC MATERIALS UK LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the period |
7 February 2022 to 31 December 2022 |
for |
MMC MATERIALS UK LIMITED |
MMC MATERIALS UK LIMITED (REGISTERED NUMBER: 13897245) |
Contents of the Financial Statements |
for the period 7 February 2022 to 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 5 |
MMC MATERIALS UK LIMITED |
Company Information |
for the period 7 February 2022 to 31 December 2022 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
MMC MATERIALS UK LIMITED (REGISTERED NUMBER: 13897245) |
Balance Sheet |
31 December 2022 |
Notes | £ |
Current assets |
Debtors | 4 |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) |
Total assets less current liabilities | ( |
) |
Capital and reserves |
Called up share capital | 6 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MMC MATERIALS UK LIMITED (REGISTERED NUMBER: 13897245) |
Notes to the Financial Statements |
for the period 7 February 2022 to 31 December 2022 |
1. | Statutory information |
MMC Materials UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The directors have confirmed that the accounts should be prepared on a going concern basis due to continued support by the parent company to ensure the liabilities of the company are settled as they fall due. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
MMC MATERIALS UK LIMITED (REGISTERED NUMBER: 13897245) |
Notes to the Financial Statements - continued |
for the period 7 February 2022 to 31 December 2022 |
2. | Accounting policies - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | Employees and directors |
The average number of employees during the period was NIL. |
4. | Debtors: amounts falling due within one year |
£ |
Other debtors |
5. | Creditors: amounts falling due within one year |
£ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
7. | Related party disclosures |
As at 31 December 2022 the company owed its parent entity £73,788. The loan is interest free and repayable on demand. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
MMC Materials UK Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MMC Materials UK Limited for the period ended 31 December 2022 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of MMC Materials UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MMC Materials UK Limited and state those matters that we have agreed to state to the Board of Directors of MMC Materials UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MMC Materials UK Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that MMC Materials UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MMC Materials UK Limited. You consider that MMC Materials UK Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of MMC Materials UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |