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REGISTERED NUMBER: 10785531 (England and Wales)











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 4 602,500 602,500

Current assets
Debtors 5 137,840 131,384
Cash at bank 3,194 7,051
141,034 138,435
Creditors
Amounts falling due within one year 6 515,888 502,663
Net current liabilities (374,854 ) (364,228 )
Total assets less current liabilities 227,646 238,272

Creditors
Amounts falling due after more than one year 7 (122,106 ) (142,603 )

Provisions for liabilities 9 (29,946 ) (29,946 )
Net assets 75,594 65,723

Capital and reserves
Called up share capital 10 1 1
Fair value reserve 11 89,839 89,839
Retained earnings (14,246 ) (24,117 )
Shareholders' funds 75,594 65,723

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

MCP PROJECTS (U.K) LIMITED (REGISTERED NUMBER: 10785531)

BALANCE SHEET - continued
31 JULY 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





Mr S P McKay - Director


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
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 as modified by the revaluation of certain assets.

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 1 (2022 - 1 ) .

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 602,500
Net book value
At 31 July 2023 602,500
At 31 July 2022 602,500

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 - 1,500
Amounts owed by group undertakings 20,284 12,529
Other debtors 111,577 111,577
Prepayments and accrued income 5,979 5,778
137,840 131,384

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 18,500 15,500
Trade creditors 12,845 5,215
Tax 2,505 -
Other creditors 256,123 256,123
Directors' current accounts 224,085 224,085
Accruals and deferred income 1,830 1,740
515,888 502,663

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 122,106 13,500
Bank loans - 2-5 years - 129,103
122,106 142,603

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 29,946
Balance at 31 July 2023 29,946

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

11. Reserves
Fair
value
reserve
£   
At 1 August 2022
and 31 July 2023 89,839

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.