Company registration number 08062731 (England and Wales)
MMP TAX LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
MMP TAX LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
MMP TAX LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A J Taylor
(Appointed 14 September 2023)
Mr S Henderson
(Appointed 14 September 2023)
Company number
08062731
Registered office
1 Pioneer Court
Chivers Way
Histon
Cambridgeshire
England
CB24 9PT
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
MMP TAX LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
31 December 2023
31 March 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
908
1,399
Current assets
Debtors
4
622,472
564,271
Cash at bank and in hand
80,442
179,464
702,914
743,735
Creditors: amounts falling due within one year
5
(272,232)
(323,032)
Net current assets
430,682
420,703
Total assets less current liabilities
431,590
422,102
Creditors: amounts falling due after more than one year
6
-
0
(34,466)
Net assets
431,590
387,636
Capital and reserves
Called up share capital
7
726
726
Share premium account
3,236
3,236
Capital redemption reserve
360
360
Profit and loss reserves
427,268
383,314
Total equity
431,590
387,636

The notes on pages 3 to 9 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 August 2024 and are signed on its behalf by:
Mr A J Taylor
Director
Company Registration No. 08062731
MMP TAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

MMP Tax Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Pioneer Court, Chivers Way, Histon, Cambridgeshire, England, CB24 9PT. The company's registration number is 08062731.

1.1
Reporting period

The current period covers the 9 months to 31 December 2023. The year-end was shortened to align with the new parent entity, Visiativ Consulting UK Limited.


The prior period covers the 12 months to 31 March 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and it is shown net of value added tax and other sales taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is represented by revenue from contracts for the provision of R&D tax credit consultancy services. As contracts involve large contingent fee arrangements, the outcome of a transaction cannot be assessed reliably until the point that claims are ready for submission to the tax authorities. This assessment is a key judgement of the company. Please see note 10 regarding the change in accounting policy this year.

 

When the outcome of contracts can be estimated reliably, revenue is recognised by reference to the estimated stage of completion at the end of the reporting period. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. Un-invoiced revenue on contracts is included as accrued income at the end of the reporting period.

1.4
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

MMP TAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.7
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 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. Financial assets classified as receivable within one year are not amortised.

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.

MMP TAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MMP TAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2023 and 31 December 2023
22,494
Depreciation and impairment
At 1 April 2023
21,095
Depreciation charged in the Period
491
At 31 December 2023
21,586
Carrying amount
At 31 December 2023
908
At 31 March 2023
1,399
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
237,372
481,979
Amounts owed by group undertakings
152,639
-
0
Other debtors
232,461
82,292
622,472
564,271
MMP TAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2023
£
£
Bank loans
29,167
15,539
Trade creditors
24,114
10,054
Amounts owed to group undertakings
20,105
-
0
Taxation and social security
123,569
282,447
Other creditors
75,277
14,992
272,232
323,032
6
Creditors: amounts falling due after more than one year
2023
2023
£
£
Other creditors
-
0
34,466
7
Called up share capital
2023
2023
£
£
Ordinary share capital
Issued and fully paid
719 Ordinary A shares of £1
719
719
7 Ordinary B shares of £1
7
7
726
726
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Holt
Statutory Auditor:
Consilium Audit Limited
MMP TAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
9
Ultimate controlling party

During the period to 13 September 2023, there was no ultimate controlling party.

 

From 14 September 2023, the company became a wholly owned subsidiary of Visiativ Consulting UK Limited.

 

The company's immediate parent undertaking is Visiativ Consulting UK Limited. The ultimate parent undertaking and smallest group for which consolidated financial statements are drawn up is Visiativ S.A, who owns 78% of the ordinary share capital of Visiativ Conseil which in turn owns 90% of Visiativ Consulting UK Limited.

 

Copies of the group consolidated accounts are available to the public and may be obtained from Visiativ S.A, 26 Rue Benoit Bennier, 69260 Charbonnieres-les-Bains, France.

10
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Current assets
Debtors due within one year
502,222
62,049
564,271
Creditors due within one year
Taxation
(270,658)
(11,789)
(282,447)
Net assets
337,376
50,260
387,636
Capital and reserves
Profit and loss reserves
333,054
50,260
383,314
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Turnover
1,218,361
62,049
1,280,410
Taxation
(98,490)
(11,789)
(110,279)
Profit for the financial period
419,826
50,260
470,086
MMP TAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
10
Prior period adjustment
(Continued)
- 9 -
Notes to reconciliation

During the year, the Company changed its revenue recognition policy upon acquisition by Visiativ Consulting UK Limited. Previously, revenue was recognised when R & D claims were invoiced. Under the new policy, revenue is recognised when the R & D claim is sent from the Company to the external accountant responsible for submission to the tax authorities.

 

The Directors regard the revised policy as providing a more accurate assessment of the point at which revenue should recognised, as revenue is now recognised at the point in which the company has fulfilled all of its obligations and the amount of revenue can be measured with certainty.

 

The impact of the change in revenue recognition policy is summarised in the table above. There was no material adjustment as at the 31 March 2022.

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