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Registration number: 14377568

MCR Collective Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 30 September 2023

 

MCR Collective Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

MCR Collective Limited

Company Information

Directors

Sam Grant Mabon

Dr Mingju Li

Registered office

100 Barbirolli Square, Manchester, England, M2 3BD

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MCR Collective Limited
for the Period Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MCR Collective Limited for the period ended 30 September 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of MCR Collective Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MCR Collective Limited and state those matters that we have agreed to state to the Board of Directors of MCR Collective Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MCR Collective Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MCR Collective Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MCR Collective Limited. You consider that MCR Collective Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of MCR Collective Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

25 November 2024

 

MCR Collective Limited

(Registration number: 14377568)
Balance Sheet as at 30 September 2023

Note

2023
£

2023
£

Fixed assets

 

Intangible assets

4

464,514

476,765

Tangible assets

5

79,258

18,556

 

543,772

495,321

Current assets

 

Stocks

6

2,458,162

606,440

Debtors

7

904,066

290,656

Cash at bank and in hand

 

21,252

122,410

 

3,383,480

1,019,506

Creditors: Amounts falling due within one year

8

(3,883,653)

(1,755,884)

Net current liabilities

 

(500,173)

(736,378)

Net assets/(liabilities)

 

43,599

(241,057)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

43,499

(241,157)

Shareholders' funds/(deficit)

 

43,599

(241,057)

For the financial period ending 30 September 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 period 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.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Dr Mingju Li
Director

 

MCR Collective Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 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:
100 Barbirolli Square, Manchester, England, M2 3BD

These financial statements were authorised for issue by the Board on 25 November 2024.

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.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

MCR Collective Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

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.

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

15% Reducing balance method

Computer Equipment

33% Straight line method

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

Straight line over 20 years

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

MCR Collective Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 20 (2023 - 20).

 

MCR Collective Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

481,003

481,003

At 30 September 2023

481,003

481,003

Amortisation

At 1 April 2023

4,238

4,238

Amortisation charge

12,251

12,251

At 30 September 2023

16,489

16,489

Carrying amount

At 30 September 2023

464,514

464,514

At 31 March 2023

476,765

476,765

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

18,747

18,747

Additions

68,520

68,520

At 30 September 2023

87,267

87,267

Depreciation

At 1 April 2023

191

191

Charge for the period

7,818

7,818

At 30 September 2023

8,009

8,009

Carrying amount

At 30 September 2023

79,258

79,258

At 31 March 2023

18,556

18,556

 

MCR Collective Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

6

Stocks

2023
£

2023
£

Other inventories

2,458,162

606,440

7

Debtors

Current

2023
£

2023
£

Trade debtors

799,797

207,675

Prepayments

75,278

101,683

Other debtors

28,991

(18,702)

 

904,066

290,656

8

Creditors

2023
£

2023
£

Due within one year

Trade creditors

2,810,230

533,676

Taxation and social security

78,849

-

Accruals and deferred income

172,185

82,461

Other creditors

64,166

47,599

Owed by/(from) group undertakings

758,223

1,092,148

3,883,653

1,755,884

9

Share capital

Allotted, called up and fully paid shares

2023

2023

No.

£

No.

£

Ordinary A of £0.01 each

6,000

60

6,000

60

Ordinary B of £0.01 each

4,000

40

4,000

40

10,000

100

10,000

100