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Registered number: 04258777










MC199 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MC199 LIMITED
REGISTERED NUMBER: 04258777

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
2,454,000
2,454,000

  
2,454,000
2,454,000

Current assets
  

Debtors: amounts falling due within one year
 5 
11,030
10,088

Cash at bank and in hand
  
370,801
245,446

  
381,831
255,534

Creditors: amounts falling due within one year
 6 
(2,141,083)
(2,042,158)

Net current liabilities
  
 
 
(1,759,252)
 
 
(1,786,624)

Total assets less current liabilities
  
694,748
667,376

Provisions for liabilities
  

Deferred tax
  
(117,401)
(117,401)

  
 
 
(117,401)
 
 
(117,401)

Net assets
  
577,347
549,975


Capital and reserves
  

Called up share capital 
  
2
2

Fair Value non-distributable reserve
 8 
414,831
414,831

Retained Earnings
 8 
162,514
135,142

  
577,347
549,975


Page 1

 
MC199 LIMITED
REGISTERED NUMBER: 04258777
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

 
MC199 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MC199 Limited is a private company, limited by shares, registered in England & Wales. The Company's registered number, registered office and principal place of business address can be found on the Company information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Critical accounting judgements and key sources of estimation uncetainty

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

Related party exemption

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

  
2.4

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 net assets at the statement of financial position date and has made a profit in the year. However the company has net current liabilities at the statement of financial position date and is dependent on the 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

 
MC199 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Turnover policy & recognition

Turnover, all of which arises in the United Kingdom, represents rental income, insurance recharge income and management fees, which fall within the company's ordinary activities after the deduction of trade discounts and value added tax.
Rental income is invoiced on a quarterly basis in advance and is recognised evenly over the period to which it relates. Insurances are invoiced on an annual basis in advance and are recognised evenly over the period to which they relate.

  
2.6

Tangible fixed assets

The company's freehold land and buildings are treated as investment properties, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties for which fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value annually, with the charge recognised in the income statement. Surpluses or deficits on revaluation of individual properties are charged to the statement of comprehensive income in the period to which they relatem such amount are then credited to a separate non-distributable reserve in order to correctly disclose distributable amounts.

  
2.7

Bad debt provision

A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not be recoverable.

 
2.8

Interest income

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
MC199 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term 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.

Page 5

 
MC199 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

Basic financial assets, which include trade and other debtors 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 trade and 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 6

 
MC199 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
2,454,000



At 31 December 2023
2,454,000

The historical cost of the fixed assets is £2,441,535 (2022 - £2,441,535).
The company's freehold properties are treated as investment properties. They were valued at the statement of financial position date by Mr N J C Griffith, MRICS and Mr J D Devonald, MRICS, both directors of the company, at fair value on the basis of existing use.


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


2023
2022
£
£


Historic cost
2,441,535
2,441,535

Impairment of property
(425,253)
(425,253)

Surplus on revaluation of properties
437,718
437,718

2,454,000
2,454,000

Page 7

 
MC199 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
4,606
-

Prepayments and accrued income
6,424
10,088

11,030
10,088



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,100
147

Amounts owed to related parties
1,560,499
1,514,289

Amounts owed to shareholders
506,124
466,504

Corporation tax
6,421
8,948

Other taxation and social security
10,031
7,381

Accruals and deferred income
55,908
44,889

2,141,083
2,042,158


The following liabilities were secured:

2023
2022
£
£



Amounts owed to related party
708,589
728,869

708,589
728,869

Details of security provided:

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

Page 8

 
MC199 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation




2023


£






At beginning of year
(117,401)



At end of year
(117,401)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Gains on revaluation of investment property
(94,514)
(94,514)

Accelerated capital allowances
(22,887)
(22,887)

(117,401)
(117,401)


8.


Reserves

Other reserves

Retained earnings non-distributable reserves relate to revaluation gains/losses on the company's investment properties of £437,718 (2022: £437,718), net of deferred tax on the unrealised capital gains on these properties of £22,887 (2022: £22,887).


9.


Controlling party

There is no single controlling party. The company is under joint control of JD Devonald and G Securities Limited.
G Securities Limited is a wholly owned subsidiary of G Capital Limited. Mr NJC Griffith is the contolling party of G Capital Limited.


10.


Auditors' information

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

The audit report was signed on 16 September 2024 by James Dobson BSc FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 9