Registered number
07544249
MHC ACCOUNTANTS LTD
Report and Financial Statements
29 February 2024
MHC ACCOUNTANTS LTD
Company Information
Director
Md Mudabbir HUSSAIN
Accountants
MHC ACCOUNTANTS LTD
22 Cavell Street
London
E1 2HP
Bankers
National Westminister Bank Plc
Gredley House
1 - 11 Broadway
Startford
London
E15 4BQ
Solicitors
A H Page Solicitors
640 Cranbrook Road
Ilford
Essex
IG6 1HQ
Registered office
22 Cavell Street
London
E1 2HP
Registered number
07544249
MHC ACCOUNTANTS LTD
Registered number: 07544249
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 37,126 37,796
Investments 4 339,000 254,000
376,126 291,796
Current assets
Debtors 5 970 36
MHC Property Services (UK) Ltd 179,733 179,733
Cash at bank and in hand 59,755 80,302
240,458 260,071
Creditors: amounts falling due within one year 6 (125,874) (131,980)
Net current assets 114,584 128,091
Total assets less current liabilities 490,710 419,887
Creditors: amounts falling due after more than one year 7 (23,155) (33,949)
Net assets 467,555 385,938
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 466,555 384,938
Shareholder's funds 467,555 385,938
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Md Mudabbir HUSSAIN
Director
Approved by the board on 21 October 2024
MHC ACCOUNTANTS LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 14
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 84,052
Additions 8,612
At 29 February 2024 92,664
Depreciation
At 1 March 2023 46,256
Charge for the year 9,282
At 29 February 2024 55,538
Net book value
At 29 February 2024 37,126
At 28 February 2023 37,796
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2023 254,000
Additions 85,000
At 29 February 2024 339,000
The company holds 100% share capital of the following companies incorporated in England:
Capital and Profit (loss) for
Company Shares held Reserves the year
Class % £ £
MHC PROPERTY INVESTMENTS LTD Ordinary 100 12,349 4,819
5 Debtors 2024 2023
£ £
Trade debtors 936 36
Other debtors 34 -
970 36
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 278 411
Trade creditors 2,776 5,248
Taxation and social security costs 60,636 63,969
Other creditors 62,184 62,352
125,874 131,980
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 23,155 33,949
8 Other information
MHC ACCOUNTANTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
22 Cavell Street
London
E1 2HP
9 Group Accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
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