2023-03-212024-03-312024-03-31false14745297MCG HV & CX SERVICE 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MCG HV & CX SERVICE LTD

Registered Number
14745297
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

MCG HV & CX SERVICE LTD
Company Information
for the period from 21 March 2023 to 31 March 2024

Director

MCGETTIGAN, Paul Brendan

Registered Address

19 Witney Way Witney Way
Boldon Business Park
Boldon Colliery
NE35 9PE

Registered Number

14745297 (England and Wales)
MCG HV & CX SERVICE LTD
Balance Sheet as at
31 March 2024

Notes

2024

£

£

Fixed assets
Intangible assets39,000
Tangible assets47,125
16,125
Current assets
Cash at bank and on hand21,169
21,169
Creditors amounts falling due within one year5(8,609)
Net current assets (liabilities)12,560
Total assets less current liabilities28,685
Net assets28,685
Capital and reserves
Called up share capital100
Profit and loss account28,585
Shareholders' funds28,685
The financial statements were approved and authorised for issue by the Director on 3 September 2024, and are signed on its behalf by:
MCGETTIGAN, Paul Brendan
Director
Registered Company No. 14745297
MCG HV & CX SERVICE LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Turnover from the rendering of services, namely the provision of offshore services, is recognised by reference to the stage of completion of the service at the statement of financial position date.
Interest income
Interest income is recognised using the effective interest rate method.
Current 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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Vehicles4
Office Equipment4
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
Basic financial instruments are recognised as follows: (i) Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment. (ii) Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand. Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position. (iii) Creditors Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2024
Average number of employees during the year0
3.Intangible assets

Goodwill

Total

££
Cost or valuation
Additions10,00010,000
At 31 March 2410,00010,000
Amortisation and impairment
Charge for year1,0001,000
At 31 March 241,0001,000
Net book value
At 31 March 249,0009,000
At 20 March 23--
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
Additions2,0004,0003,5009,500
At 31 March 242,0004,0003,5009,500
Depreciation and impairment
Charge for year5001,0008752,375
At 31 March 245001,0008752,375
Net book value
At 31 March 241,5003,0002,6257,125
At 20 March 23----
5.Creditors: amounts due within one year

2024

£
Amounts owed to related parties2,322
Taxation and social security5,268
Accrued liabilities and deferred income1,019
Total8,609
6.Related party transactions
During the period, the company received an interest free loan from the director amounting to £2,322.