MCPIX LIMITED
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,239 4,261
Current assets
Cash at bank and in hand 28,314 16,024
28,314 16,024
Creditors: amounts falling due within one year 4 (18,832) (13,411)
Net current assets 9,482 2,613
Total assets less current liabilities 14,721 6,874
Creditors: amounts falling due after one year 5 (2,800) (5,700)
Provisions for liabilities (959) (766)
Net assets 10,962 408
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,862 308
Shareholder's funds 10,962 408
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.
Mr. M.A. Campbell
Director
Approved by the board on 18 November 2024
MCPIX LIMITED
Notes to the Accounts
for the year ended 31 March 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 rendering of services. 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, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment 20% reducing balance basis
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax assets and liabilities are not discounted.
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. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2023 41,010
Additions 2,288
At 31 March 2024 43,298
Depreciation
At 1 April 2023 36,749
Charge for the year 1,310
At 31 March 2024 38,059
Net book value
At 31 March 2024 5,239
At 31 March 2023 4,261
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan account (unsecured) 2,400 1,900
Trade creditors 1,141 1,221
Corporation tax 3,220 3,116
Other taxes and social security costs 1,536 1,013
Director's loan account 10,535 6,161
18,832 13,411
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan account (Unsecured) 2,800 5,700
6 Controlling party
The director of the company at the Balance Sheet date owns 100% of the share capital of the company.
7 Other information
MCPIX LIMITED is a private company limited by shares and incorporated in England (Company Number 05482888). Its registered office is 9, Moor Lane, Wilmslow, Cheshire, SK9 6AG.
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