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REGISTERED NUMBER: 02998039 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

M.C.S. TECHNICAL PRODUCTS LIMITED

M.C.S. TECHNICAL PRODUCTS LIMITED (REGISTERED NUMBER: 02998039)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M.C.S. TECHNICAL PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: S J Snow
V M Wetherell





SECRETARY: S J Snow





REGISTERED OFFICE: 83 Cambridge Street
London
SW1V 4PS





REGISTERED NUMBER: 02998039 (England and Wales)





ACCOUNTANTS: George Hay & Company
Chartered Accountants
83 Cambridge Street
London
SW1V 4PS

M.C.S. TECHNICAL PRODUCTS LIMITED (REGISTERED NUMBER: 02998039)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,192 54,878

CURRENT ASSETS
Stocks 498,742 485,447
Debtors 5 322,327 197,137
Cash at bank 13,563 4,873
834,632 687,457
CREDITORS
Amounts falling due within one year 6 658,928 446,795
NET CURRENT ASSETS 175,704 240,662
TOTAL ASSETS LESS CURRENT
LIABILITIES

234,896

295,540

CREDITORS
Amounts falling due after more than one
year

7

84,142

135,075
NET ASSETS 150,754 160,465

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 150,654 160,365
SHAREHOLDERS' FUNDS 150,754 160,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

M.C.S. TECHNICAL PRODUCTS LIMITED (REGISTERED NUMBER: 02998039)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th February 2024 and were signed on its behalf by:





S J Snow - Director


M.C.S. TECHNICAL PRODUCTS LIMITED (REGISTERED NUMBER: 02998039)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

M.C.S. Technical Products 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% 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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

M.C.S. TECHNICAL PRODUCTS LIMITED (REGISTERED NUMBER: 02998039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st January 2023 39,845 102,644 142,489
Additions - 21,182 21,182
Disposals - (17,989 ) (17,989 )
At 31st December 2023 39,845 105,837 145,682
DEPRECIATION
At 1st January 2023 33,687 53,924 87,611
Charge for year 1,232 14,248 15,480
Eliminated on disposal - (16,601 ) (16,601 )
At 31st December 2023 34,919 51,571 86,490
NET BOOK VALUE
At 31st December 2023 4,926 54,266 59,192
At 31st December 2022 6,158 48,720 54,878

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 279,690 156,953
Other debtors 445 3,785
Sundry debtors & prepayments 42,192 36,399
322,327 197,137

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 112,290 87,500
Trade creditors 213,380 157,402
Tax 7,341 12,290
Social security and other taxes 5,963 7,388
VAT 35,051 7,849
Other creditors 28,615 29,958
Hire purchase 17,778 12,204
Invoice discounting advances 235,510 132,204
Directors' current accounts 3,000 -
658,928 446,795

M.C.S. TECHNICAL PRODUCTS LIMITED (REGISTERED NUMBER: 02998039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 50,000 50,004
Bank loans - 2-5 years 20,833 70,833
Hire purchase 7,844 -
Hire purchase- 1-2 years 5,465 14,238
84,142 135,075

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 183,123 208,337
Invoice discounting advances 235,510 132,204
418,633 340,541

Bank borrowings are secured by a fixed and floating charge over the companies assets.

The amounts advanced for invoice discounting are secured by a charge on the company's book and other debts.At the balance sheet date factored debts outstanding amounted to £279,690 (2022:£156,953).