Company registration number 5731451 (England and Wales)
MCN Construction Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
MCN Construction Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
MCN Construction Limited
Statement of financial position
as at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
69,601
87,890
Investments
5
2
2
69,603
87,892
Current assets
Stocks
2,163,230
2,776,602
Debtors
6
20,667
61,541
Cash at bank and in hand
30,588
10,498
2,214,485
2,848,641
Creditors: amounts falling due within one year
7
(2,120,608)
(2,700,282)
Net current assets
93,877
148,359
Total assets less current liabilities
163,480
236,251
Creditors: amounts falling due after more than one year
8
(69,607)
(156,411)
Net assets
93,873
79,840
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
93,871
79,838
Total equity
93,873
79,840
MCN Construction Limited
Statement of financial position (continued)
as at 31 March 2024
31 March 2024
- 2 -

For the financial year ended 31 March 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 in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
M C Norcliffe
Director
Company registration number 5731451 (England and Wales)
MCN Construction Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Group accounts

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover

Turnover represents the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT.

 

Turnover is recognised on supply of goods.

 

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Work in progress

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

 

Hire purchase

Assets obtained under hire purchase contracts are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

MCN Construction Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
3
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(8,515)
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
120,197
3,643
99,489
223,329
Depreciation and impairment
At 1 April 2023
47,744
3,031
84,664
135,439
Depreciation charged in the year
14,491
92
3,706
18,289
At 31 March 2024
62,235
3,123
88,370
153,728
Carrying amount
At 31 March 2024
57,962
520
11,119
69,601
At 31 March 2023
72,453
612
14,825
87,890
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
MCN Construction Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
20,000
Corporation tax recoverable
245
-
0
Other debtors
20,422
41,541
20,667
61,541
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
72,629
66,637
Obligations under hire purchases
9,000
26,992
Other borrowings
196,578
1,311,081
Trade creditors
113,113
18,793
Corporation tax
-
0
111,680
Other taxation and social security
13,238
29,625
Other creditors
1,709,239
1,129,763
Accruals and deferred income
6,811
5,711
2,120,608
2,700,282

Other borrowings are secured. Obligations under hire purchase contracts are secured.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
50,857
129,411
Obligations under hire purchases
18,750
27,000
69,607
156,411

Obligations under hire purchase contracts are secured.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Company information

MCN Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Vale Chambers, 61 Stainland Road, Greetland, Halifax, West Yorkshire, HX4 8BD.

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