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Registered number: 13893422
MDC Trading & Loans Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13893422
29 February 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 485,051 410,235
485,051 410,235
CURRENT ASSETS
Debtors 5 151,764 150,000
Cash at bank and in hand 175,253 4,870
327,017 154,870
Creditors: Amounts Falling Due Within One Year 6 (411,421 ) (170,080 )
NET CURRENT ASSETS (LIABILITIES) (84,404 ) (15,210 )
TOTAL ASSETS LESS CURRENT LIABILITIES 400,647 395,025
NET ASSETS 400,647 395,025
CAPITAL AND RESERVES
Called up share capital 7 400,000 400,000
Profit and Loss Account 647 (4,975 )
SHAREHOLDERS' FUNDS 400,647 395,025
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Cockfield
Director
27 November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MDC Trading & Loans Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13893422 . The registered office is Unit 1-3 Priest Court, Caunt Road, Grantham, NG31 7FZ.  The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.3. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
3. Average Number of Employees
Average number of employees during the year was: NIL (2023: NIL)
- -
Page 3
Page 4
4. Investments
Unlisted
£
Cost
As at 1 March 2023 410,235
Additions 89,949
Disposals (15,133 )
As at 29 February 2024 485,051
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 485,051
As at 1 March 2023 410,235
5. Debtors
29 February 2024 28 February 2023
£ £
Due within one year
Other debtors 151,764 150,000
6. Creditors: Amounts Falling Due Within One Year
29 February 2024 28 February 2023
£ £
Trade creditors 65 -
Other creditors 411,158 170,080
Taxation and social security 198 -
411,421 170,080
7. Share Capital
29 February 2024 28 February 2023
£ £
Allotted, Called up and fully paid 400,000 400,000
Page 4