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MCN Group Limited
Registered Number:12593616
For the year ended 31 May 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 May 2024
MCN Group Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
12593616
As at 31 May 2024
MCN Group Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
127,215
12,533
2
127,215
12,533
Current assets
Trade and other receivables
157,410
332,439
3
253,189
Cash and cash equivalents
279,854
612,293
410,599
Trade and other payables: amounts falling due within one year
(217,984)
(268,020)
4
192,615
344,273
Net current assets
Total assets less current liabilities
471,488
205,148
Trade and other payables: amounts falling due after more than one
year
-
(102,958)
5
368,530
Net assets
205,148
Capital and reserves
Called up share capital
90
90
Retained earnings
368,440
205,058
368,530
205,148
Shareholders' funds
For the year ended 31 May 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395 and
which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable
to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Nicholas Cleere Director
These financial statements were approved and authorised for issue by the Board on 18 July 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 May 2024
MCN Group Limited
Notes to the Financial Statements
Statutory Information
MCN Group Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
12593616.
Registered address:
171 Cleveland Way
Stevenage
Hertfordshire
SG1 6BX
The presentation currency is £ sterling.
MCN Group Limited is a private company, limited by shares, registered in England & Wales.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard
102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgments 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
25 Reducing balance
25 Reducing balance
Office Equipment
25 Reducing balance
Motor Vehicles
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
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5
For the year ended 31 May 2024
MCN Group Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Office
Equipment
Motor Vehicles
Plant and
Machinery
£
£
£
£
Cost or valuation
At 01 June 2023
23,143
10,518
12,237
388
164,711
249
164,462
-
Additions
-
(12,237)
-
Disposals
(12,237)
At 31 May 2024
388
164,462
10,767
175,617
Provision for depreciation and impairment
At 01 June 2023
10,610
5,898
4,615
97
Charge for year
42,407
1,218
41,116
73
(4,615)
-
(4,615)
-
On disposal
At 31 May 2024
48,402
7,116
41,116
170
At 31 May 2024
Net book value
218
123,346
3,651
127,215
At 31 May 2023
291
7,622
4,620
12,533
3. Trade and other receivables
2023
2024
£
£
Trade debtors
251,297
84,806
Prepayments and accrued income
6,227
433
Amounts owed by directors
7,094
3,379
Taxation and social security
35,571
36,416
Other debtors
32,250
32,376
157,410
332,439
The debtors above include the following amounts falling due after more than one year:
Other debtors
50,033
41,699
The business is owed £56622 held as retentions by customers; the director believes these monies are fully realisable. The business owes £6589 as retentions withheld from subcontractors; the director believes these monies are fully payable.
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6
For the year ended 31 May 2024
MCN Group Limited
Notes to the Financial Statements Continued
4. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Trade creditors
240,344
48,324
Taxation and social security
17,197
12,678
Accruals and deferred income
713
156,982
Obligations under HP/Financial leases
9,766
-
268,020
217,984
5. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Other creditors
102,958
-
6. Related party transactions
The business made a number of purchases from related parties during the period, all these purchase were made a fair value.
7. Directors advances and guarantees
At 01/06/2023
Loaned
Repaid
At 31/05/2024
£
£
£
£
Nicholas Cleere
Unsecured Interest Free Loan
7,094
3,379
9,151
5,436
7,094
3,379
9,151
5,436
8. Guarantees and other financial commitments
Lease commitments
During the period the business secured a three finance leases. At period end the balance on this lease account amounts to
£112724, of which £9766 is current.
9. Average number of persons employed
During the year the average number of employees was 0
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