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Registered number: 07877326










MC493 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MC493 LIMITED
REGISTERED NUMBER: 07877326

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Investment property
 4 
5,725,000
5,725,000

  
5,725,000
5,725,000

Current assets
  

Debtors: amounts falling due within one year
 5 
112,566
6,489

Cash at bank and in hand
  
61,823
236,550

  
174,389
243,039

Creditors: amounts falling due within one year
 6 
(3,997,428)
(4,154,650)

Net current liabilities
  
 
 
(3,823,039)
 
 
(3,911,611)

Total assets less current liabilities
  
1,901,961
1,813,389

Provisions for liabilities
  

Deferred tax
 8 
(304,566)
(304,566)

  
 
 
(304,566)
 
 
(304,566)

Net assets
  
1,597,395
1,508,823


Capital and reserves
  

Called up share capital 
  
2
2

Retained earnings - non-distributable fair value reserves
 9 
913,699
913,699

Retained earnings
 9 
683,694
595,122

  
1,597,395
1,508,823

Page 1

 
MC493 LIMITED
REGISTERED NUMBER: 07877326
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
 

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2024.




................................................
Nicholas John Clwyd Griffith
Director

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

Page 2

 
MC493 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MC493 Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07877326 registered office is The Warehouse Wyndham Arcade, St Mary Street, Cardiff, Wales, CF10 1FH.
The presentation currency of the financial statements is Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 
2.3

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The company has reported a profit in the current financial period and has net assets at the statement of financial position date. However the company has net current liabilities at the statement of financial position date and is dependent on the continuing support of its related parties. The directors consider that this support will continue for the foreseeable future. The directors believe that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook.
The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
MC493 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Turnover and revenue recognition

Turnover, all of which arises in the United Kingdom, represents net invoiced property rental income and insurance recharges to tenants, excluding value added tax.
Rental income is invoiced in advance and is recognised evenly over the period to which it relates. Insurance recharges to tenants are invoiced on an annual basis in advance and are recognised evenly over the period to which they relate.

  
2.5

Tangible fixed assets

The company's freehold land and buildings are treated as an investment property, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities"; accordingly, they are not depreciated. Investment properties are measured at fair value at each reporting date, with changes in fair value recognised in the income statement. Surpluses or deficits of individual properties are charged to the statement of comprehensive income in the period to which they relate, such amounts are then credited to a separate non-distributable reserve in order to correctly disclose distributable amounts.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
MC493 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

Basic financial assets, which include trade debtors and and cash at bank balances, are initially measured at transaction price 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.
Basic financial liabilities, including other creditors 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.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 5

 
MC493 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
5,725,000



At 31 December 2023
5,725,000

The historical cost of the tangible fixed asset is £4,506,735 (2022 - £4,506,735).

The 2023 valuations were made by Nicholas John Clwyd Griffith, a director of the company, on an open market value for existing use basis.

Cost or valuation of investment property at the balance sheet date is represented by:

2023
2022
£
£



Cost
4,506,735
4,506,735

Surplus on revaluation of property
1,218,265
1,218,265

5,725,000
5,725,000


Page 6

 
MC493 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


VAT
1,098
-

Prepayments and accrued income
111,468
6,489

112,566
6,489



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,935
2,657

Amounts owed to shareholders
3,320,700
3,394,860

Amounts owed to related parties
544,164
600,790

Corporation tax
25,237
29,719

Other taxation and social security
-
20,588

Accruals and deferred income
105,392
106,036

3,997,428
4,154,650


Amounts owed to shareholders are interest-free and repayable on demand.


7.

Secured debts

The following secured debts are included within creditors:





The balance is secured over the property and interest is charged at 2.6% plus SONIA rate per annum.


 

Page 7

 
MC493 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
(304,566)



At end of year
(304,566)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax on revaluation gains
(304,566)
(304,566)

(304,566)
(304,566)


9.


Reserves

Retained earnings non-distribut-
able fair
value
reserves
        £
At 1 January 2023 and 31 December 2023

913,699


Retained earnings - non-distributable reserves related to revaluation gains/losses on the company's investment property of £1,218,265 (2022 - £1,218,265) net of deferred tax in respect of the unrealised capital gains on these properties of £304,566 (2022 - £304,566).


10.


Related parties exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 '"The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
 


11.


Capital Commitments

There are no capital commitments at the balance sheet date.

Page 8

 
MC493 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Controlling party

The company is controlled jointly by G Capital Limited and Devestates Limited.

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 13 September 2024 by James Dobson BSc FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 9