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REGISTERED NUMBER: 03284237 (England and Wales)










Financial Statements

For The Year Ended 30 April 2023

for

MPC Services (UK) Limited

MPC Services (UK) Limited (Registered number: 03284237)






Contents of the Financial Statements
For The Year Ended 30 April 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MPC Services (UK) Limited

Company Information
For The Year Ended 30 April 2023







DIRECTORS: J R T Shepherd
L A C Shepherd
M E Marriott



REGISTERED OFFICE: Unit 1-2 Heanor Gate Industrial Estate
Heanor Gate Road
Heanor
Derbyshire
DE75 7RJ



REGISTERED NUMBER: 03284237 (England and Wales)



SENIOR STATUTORY AUDITOR: Stephen Baily



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

MPC Services (UK) Limited (Registered number: 03284237)

Statement of Financial Position
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 143,605 141,995

CURRENT ASSETS
Stocks 223,317 175,789
Debtors 5 486,361 504,987
Cash at bank and in hand 50,756 10,133
760,434 690,909
CREDITORS
Amounts falling due within one year 6 513,245 700,144
NET CURRENT ASSETS/(LIABILITIES) 247,189 (9,235 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

390,794

132,760

CREDITORS
Amounts falling due after more than one
year

7

340,811

100,000
NET ASSETS 49,983 32,760

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 49,783 32,560
SHAREHOLDERS' FUNDS 49,983 32,760

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2024 and were signed on its behalf by:





J R T Shepherd - Director


MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements
For The Year Ended 30 April 2023

1. STATUTORY INFORMATION

MPC Services (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
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.

Turnover
Turnover represents net invoiced sales of goods and services carried out by the company, excluding value added tax and discounts given.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is calculated to write off the cost of fixed assets less their residual values over their estimated useful lives at the following rates per annum:

Plant and machinery- 25% on reducing balance
Fixtures and fittings- 33% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire

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 statement of financial position date.


MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets that are held by Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term,except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are
recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental
expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
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.

Going concern
During the year, the holding company waived a loan balance of £500,000. Consequently, the company has returned a profit for the year and positive reserves as at 30 April 2023. The company is currently dependent on the financial support of the group to maintain its trading activities. The directors are confident that support from MPC Services (UK) Limited's fellow group undertakings will continue to be forthcoming and consider that it is appropriate to prepare the accounts on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 16 ) .

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2022 29,543 112 258,015 30,763 318,433
Additions 15,212 - 28,830 - 44,042
At 30 April 2023 44,755 112 286,845 30,763 362,475
DEPRECIATION
At 1 May 2022 19,395 112 127,884 29,047 176,438
Charge for year 3,474 - 38,536 422 42,432
At 30 April 2023 22,869 112 166,420 29,469 218,870
NET BOOK VALUE
At 30 April 2023 21,886 - 120,425 1,294 143,605
At 30 April 2022 10,148 - 130,131 1,716 141,995

The net book value above includes amounts attributable to assets subject to hire purchase and finance lease agreements at 30 April 2023 of £nil (2022: £8,517).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 483,181 501,807
Prepayments and accrued income 3,180 3,180
486,361 504,987

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts - 221,419
Hire purchase contracts (see note 8) - 2,828
Trade creditors 247,712 270,292
Amounts owed to group undertakings 12,996 127,388
Social security and other taxes 221,574 53,482
Other creditors 10,463 4,235
Accruals and deferred income 20,500 20,500
513,245 700,144

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Amounts owed to group undertakings 340,811 100,000

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.23 30.4.22
£    £   
Net obligations repayable:
Within one year - 2,828

Non-cancellable operating leases
30.4.23 30.4.22
£    £   
Within one year 24,000 28,800
Between one and five years 48,000 86,400
72,000 115,200

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank overdraft - 221,419
Hire purchase contracts - 2,828
- 224,247

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
100 Ordinary shares £1 100 100
50 Ordinary A shares £1 50 50
50 Ordinary B shares £1 50 50
200 200

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2023

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

The Report of the Auditors was qualified on the following basis:

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We observed the counting of physical inventories at the end of the year, however due to inadequate pricing records, we were unable to satisfy ourselves concerning the inventory values held at 30 April 2023. These are stated in the balance sheet at £223,317.

In addtion, we were unable to satisfy ourselves by alternative means concerning the completeness of turnover recognised as at 30 April 2023 due to inadequate sales order and control records. Turnover is stated in the financial statements at £3,447,059.

Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

We conducted our audit in accordance with International Standard on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Matters required to report by exception
Arising solely from the limitation on the scope of our work relating to inventory and turnover, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit; and
- adequate accounting records have not been maintained during the year.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited

13. CONTINGENT LIABILITIES

The company has given an unlimited guarantee to Barclays Bank PLC in respect of other group companies. At 30 April 2023 the indebtedness totalled £1,431,827 (2022 £1,319,226).

14. CONSOLIDATED ACCOUNTS

The accounts of this company are consolidated within the accounts of its parent company, Kwigo Limited, whose registered office is Alton Road, Ross-on-Wye, HR9 5NG.