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Registration number: 07849736

MC Independent Care Initiatives Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

MC Independent Care Initiatives Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MC Independent Care Initiatives Limited

Company Information

Director

Mr Brian Coates

Registered office

c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN

Accountants

HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
TS23 4HN

 

MC Independent Care Initiatives Limited

(Registration number: 07849736)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

15,362

19,097

Current assets

 

Debtors

6

22,487

21,423

Cash at bank and in hand

 

33,249

35,235

 

55,736

56,658

Creditors: Amounts falling due within one year

7

(42,106)

(57,746)

Net current assets/(liabilities)

 

13,630

(1,088)

Net assets

 

28,992

18,009

Capital and Reserves

 

Called up share capital

8

2

2

Retained Earnings

28,990

18,007

Shareholders' funds

 

28,992

18,009

 

MC Independent Care Initiatives Limited

(Registration number: 07849736)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 

.........................................
Mr Brian Coates
Director

 

MC Independent Care Initiatives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN
England

These financial statements were authorised for issue by the director on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MC Independent Care Initiatives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Plant & machinery

25% on reducing balance

Computer equipment

33% on cost

Improvements to property

10% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

MC Independent Care Initiatives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 11).

 

MC Independent Care Initiatives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

140,670

140,670

At 30 November 2023

140,670

140,670

Amortisation

At 1 December 2022

140,670

140,670

At 30 November 2023

140,670

140,670

Carrying amount

At 30 November 2023

-

-

5

Tangible Assets

Improvements to property
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

10,155

26,238

30,362

6,411

28,085

101,251

Additions

-

178

-

718

-

896

At 30 November 2023

10,155

26,416

30,362

7,129

28,085

102,147

Depreciation

At 1 December 2022

8,128

16,980

27,324

6,399

23,323

82,154

Charge for the year

1,016

1,417

759

249

1,190

4,631

At 30 November 2023

9,144

18,397

28,083

6,648

24,513

86,785

Carrying amount

At 30 November 2023

1,011

8,019

2,279

481

3,572

15,362

At 30 November 2022

2,027

9,258

3,038

12

4,762

19,097

6

Debtors

Current

2023
£

2022
£

Prepayments

1,191

1,423

Other debtors

21,296

20,000

 

22,487

21,423

 

MC Independent Care Initiatives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade Creditors

1,525

412

Taxation and social security

2,723

2,047

Accruals and deferred income

6,219

4,377

Other creditors

31,639

50,910

42,106

57,746

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

MC Independent Care Initiatives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend

 

36,000

 

16,000

         

10

Related party transactions

 

MC Independent Care Initiatives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,850

12,500

Contributions paid to money purchase schemes

6,000

6,000

24,850

18,500

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr Brian Coates.