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Registered number: 08381346










MCB PROJECT SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
MCB PROJECT SERVICES LIMITED
REGISTERED NUMBER: 08381346

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Current assets
  

Stocks
 4 
176,571
162,900

Debtors: amounts falling due within one year
 5 
49,138
4,866

Cash at bank and in hand
 6 
490
71,500

  
226,199
239,266

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(969,456)
(970,112)

Net current liabilities
  
 
 
(743,257)
 
 
(730,846)

Total assets less current liabilities
  
(743,257)
(730,846)

Net liabilities
  
(743,257)
(730,846)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(743,259)
(730,848)

  
(743,257)
(730,846)


Page 1

 
MCB PROJECT SERVICES LIMITED
REGISTERED NUMBER: 08381346

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 by: 






D G Franklin
Director

Date: 4 November 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
MCB PROJECT SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
2
(157,786)
(157,784)


Comprehensive income for the year

Loss for the year
-
(573,062)
(573,062)



At 1 February 2023
2
(730,848)
(730,846)


Comprehensive income for the year

Loss for the year
-
(12,411)
(12,411)


At 31 January 2024
2
(743,259)
(743,257)


Page 3

 
MCB PROJECT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

MCB Project Services Limited is a private company, limited by share capital and incorporated in England and Wales.
The company's registered office address is 11 Elden House, 90 Sloane Avenue, London, SW3 3EA.

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 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.

 
2.2

Going concern

The company has net liabilities of £741,280 (2023 - £730,846). The directors have indicated that they are willing to continue to provide funding to support the company, to enable the company to meet its 3rd party liabilities as they fall due, therefore the accounts have been prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
MCB PROJECT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Taxation

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 5

 
MCB PROJECT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Stocks

2024
2023
£
£

Work in progress
176,571
162,900

176,571
162,900



5.


Debtors

2024
2023
£
£

Trade debtors
2,250
864

Other debtors
46,888
379

Prepayments and accrued income
-
3,623

49,138
4,866



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
490
71,500


Page 6

 
MCB PROJECT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,503
5,609

Other taxation and social security
100
-

Other creditors
957,253
962,253

Accruals and deferred income
2,600
2,250

969,456
970,112



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1 each
2
2



9.


Related party transactions

At the year end the Company was owed £46,503 (2023 - £175) by parties under common control. Those amounts are interest free, without security and repayable upon demand.


Page 7