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REGISTERED NUMBER: 02808184 (England and Wales)















M C Squared Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024






M C Squared Limited (Registered number: 02808184)

Contents of the Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


M C Squared Limited

Company Information
for the year ended 31 May 2024







Directors: P K Barnett
J A Barnett





Registered office: The Old Mill
Cobham Park Road
Downside
Cobham
Surrey
KT11 3NE





Registered number: 02808184 (England and Wales)





Accountants: Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

M C Squared Limited (Registered number: 02808184)

Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 4,028 2,632
Investments 5 100 100
4,128 2,732

Current assets
Stocks - 2,042
Debtors 6 48,086 70,522
Cash at bank and in hand 149,934 189,556
198,020 262,120
Creditors
Amounts falling due within one year 7 38,756 79,218
Net current assets 159,264 182,902
Total assets less current liabilities 163,392 185,634

Provisions for liabilities 1,007 658
Net assets 162,385 184,976

Capital and reserves
Called up share capital 9 678 678
Capital redemption reserve 324 324
Retained earnings 161,383 183,974
Shareholders' funds 162,385 184,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:



P K Barnett - Director


M C Squared Limited (Registered number: 02808184)

Notes to the Financial Statements
for the year ended 31 May 2024


1. Statutory information

M C Squared Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover
Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of the business, and is shown net of VAT and other sales related taxes. The fair value of the consideration takes into accounts trade discounts, settlement discounts and volume rebates.

Tangible fixed assets
Tangible fixed assets are initially measured as cost and subsequently, measured at cost or valuation, net of depreciation and any impairment losses.

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

Fixtures, fittings & equipment20% per annum on cost
Computer equipment20% per annum on cost


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries
Interests in subsidiaries, are measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

M C Squared Limited (Registered number: 02808184)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including debtors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

M C Squared Limited (Registered number: 02808184)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

4. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 June 2023 2,175 19,493 21,668
Additions - 2,464 2,464
At 31 May 2024 2,175 21,957 24,132
Depreciation
At 1 June 2023 2,174 16,862 19,036
Charge for year - 1,068 1,068
At 31 May 2024 2,174 17,930 20,104
Net book value
At 31 May 2024 1 4,027 4,028
At 31 May 2023 1 2,631 2,632

5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 June 2023
and 31 May 2024 100
Net book value
At 31 May 2024 100
At 31 May 2023 100

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 34,834 2,006
Other debtors 13,252 68,516
48,086 70,522

7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,838 6,859
Taxation and social security 17,046 34,431
Other creditors 19,872 37,928
38,756 79,218

M C Squared Limited (Registered number: 02808184)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 14,448 -
Between one and five years 16,856 -
31,304 -

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
678 Ordinary shares 1 678 678