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Registration number: 02052585

MC Financial Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

MC Financial Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

MC Financial Services Limited

(Registration number: 02052585)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

40,175

37,797

Investment property

6

252,763

252,763

Other financial assets

7

707,832

679,562

 

1,000,770

970,122

Current assets

 

Debtors

8

208,582

137,905

Cash at bank and in hand

 

548,860

622,775

 

757,442

760,680

Creditors: Amounts falling due within one year

9

(53,081)

(64,287)

Net current assets

 

704,361

696,393

Total assets less current liabilities

 

1,705,131

1,666,515

Provisions for liabilities

(600)

(847)

Net assets

 

1,704,531

1,665,668

Capital and reserves

 

Called up share capital

132,800

132,800

Share premium reserve

642,943

642,943

Retained earnings

928,788

889,925

Shareholders' funds

 

1,704,531

1,665,668

 

MC Financial Services Limited

(Registration number: 02052585)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
M S Czapalski
Director

 

MC Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Littlefields Farm House
42 High Street
Burbage
Wiltshire
SN8 3AF

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of financial services to customers.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

MC Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Office equipment

25% straight line basis

Fixtures and fittings

4% - 25% straight line basis

Bicycles

100% cost

Artwork and other tangibles

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Listed fixed asset investments are held at fair value with any gains or losses taken to the profit and loss account. Unlisted fixed asset investments are held at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Taxation

2023

2022

£

£

Corporation tax

40,644

67,062

Deferred tax

(247)

(173)

40,397

66,889

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

5

Tangible assets

Bicycles
 £

Fixtures and fittings
£

Artwork and other tangibles
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

525

24,735

34,412

37,060

96,732

Additions

-

-

3,372

-

3,372

At 31 December 2023

525

24,735

37,784

37,060

100,104

Depreciation

At 1 January 2023

525

23,459

-

34,951

58,935

Charge for the year

-

174

-

820

994

At 31 December 2023

525

23,633

-

35,771

59,929

Carrying amount

At 31 December 2023

-

1,102

37,784

1,289

40,175

At 31 December 2022

-

1,276

34,412

2,109

37,797

6

Investment properties

2023
£

At 1 January

252,763

At 31 December

252,763

There has been no valuation of investment property by an independent valuer.

 

MC Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Investments

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

357,444

329,174

Financial assets at cost less impairment

350,388

350,388

707,832

679,562

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

329,174

350,388

679,562

Fair value adjustments

28,270

-

28,270

At 31 December 2023

357,444

350,388

707,832

Impairment

Carrying amount

At 31 December 2023

357,444

350,388

707,832

8

Debtors

2023
£

2022
£

Amounts owed by related parties

100,949

31,030

Other debtors

100,985

106,875

Prepayments

6,648

-

208,582

137,905

 

MC Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

42,223

58,819

Other creditors

10,858

5,468

53,081

64,287

10

Related party transactions

M S Czapalski (director) had a loan account with the company. At the balance sheet date the amount due to/(from) M S Czapalski was £2,828 (2022: (£2,139)).