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REGISTERED NUMBER: 03284237 (England and Wales)










Financial Statements

For The Year Ended 30 April 2024

for

MPC Services (UK) Limited

MPC Services (UK) Limited (Registered number: 03284237)






Contents of the Financial Statements
For The Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MPC Services (UK) Limited

Company Information
For The Year Ended 30 April 2024







DIRECTORS: J R T Shepherd
L A C Shepherd
M E Marriott





REGISTERED OFFICE: 23K Lower Mantle Close
Bridge Street
Clay Cross
Chesterfield
S45 9NY





REGISTERED NUMBER: 03284237 (England and Wales)





AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

MPC Services (UK) Limited (Registered number: 03284237)

Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 180,453 143,605

CURRENT ASSETS
Stocks 215,515 223,317
Debtors 5 425,577 486,361
Cash at bank and in hand 3,847 50,756
644,939 760,434
CREDITORS
Amounts falling due within one year 6 435,316 513,245
NET CURRENT ASSETS 209,623 247,189
TOTAL ASSETS LESS CURRENT
LIABILITIES

390,076

390,794

CREDITORS
Amounts falling due after more than one
year

7

(289,583

)

(340,811

)

PROVISIONS FOR LIABILITIES (25,000 ) -
NET ASSETS 75,493 49,983

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 75,293 49,783
SHAREHOLDERS' FUNDS 75,493 49,983

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





J R T Shepherd - Director


MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements
For The Year Ended 30 April 2024

1. STATUTORY INFORMATION

MPC Services (UK) 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of goods and services carried out by the company, excluding value added tax and discounts given.

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

Depreciation is calculated to write off the cost of fixed assets less their residual values over their estimated useful lives at the following rates per annum:

Plant and machinery- 25% on reducing balance
Fixtures and fittings- 33% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets that are held by Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term,except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are
recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental
expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

Going concern
The company is currently dependent on the financial support of the group to maintain its trading activities. The directors are confident that support from MPC Services (UK) Limited's fellow group undertakings will continue to be forthcoming and consider that it is appropriate to prepare the accounts on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 44,755 112 286,845 30,763 362,475
Additions 3,365 - 130,765 - 134,130
Disposals - - (42,528 ) - (42,528 )
At 30 April 2024 48,120 112 375,082 30,763 454,077
DEPRECIATION
At 1 May 2023 22,869 112 166,420 29,469 218,870
Charge for year 5,961 - 85,159 317 91,437
Eliminated on disposal - - (36,683 ) - (36,683 )
At 30 April 2024 28,830 112 214,896 29,786 273,624
NET BOOK VALUE
At 30 April 2024 19,290 - 160,186 977 180,453
At 30 April 2023 21,886 - 120,425 1,294 143,605


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 405,699 483,181
Amounts owed by group undertakings 4,379 -
Prepayments and accrued income 15,499 3,180
425,577 486,361

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 127,136 -
Trade creditors 221,432 247,712
Amounts owed to group undertakings - 12,996
Social security and other taxes 57,356 221,574
Other creditors 4,465 10,463
Accruals and deferred income 24,927 20,500
435,316 513,245

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Amounts owed to group undertakings 289,583 340,811

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 24,000 24,000
Between one and five years 96,000 48,000
In more than five years 8,000 -
128,000 72,000

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdraft 127,136 -

The bank overdraft with Barclays PLC is secured by fixed and floating charges over the company assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
100 Ordinary shares £1 100 100
50 Ordinary A shares £1 50 50
50 Ordinary B shares £1 50 50
200 200

MPC Services (UK) Limited (Registered number: 03284237)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We observed the counting of physical inventories as at 30 April 2023, however due to inadequate pricing records, we were unable to satisfy ourselves concerning the inventory values at that date. These are stated in the comparative balance sheet at £223,317.

In addtion, we were unable to satisfy ourselves by alternative means concerning the completeness of turnover recognised as at 30 April 2023 due to inadequate sales order and control records. Turnover for the comparative year is stated in the financial statements at £3,447,059.

We were unable to determine by other audit procedures whether there was any consequential effect on the cost of sales or sales for the year ended 30 April 2023. Our audit opinion on the financial statements for the year ended 30 April 2023 was modified accordingly.

Our opinion on the current period's financial statements is modified in respect of the possible effect of these matters on the 2024 sales, cost of sales and profit for the year along with the values presented as comparable amounts.

We conducted our audit in accordance with International Standard on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited

12. CONTINGENT LIABILITIES

The company has given an unlimited guarantee to Barclays Bank PLC in respect of other group companies. At 30 April 2024 the indebtedness totalled £1,192,384 (2023 £1,431,827).

13. CONSOLIDATED ACCOUNTS

The accounts of this company are consolidated within the accounts of its parent company, Kwigo Limited, whose registered office is Alton Road, Ross-on-Wye, HR9 5NG.

14. ULTIMATE CONTROLLING PARTY

The parent company of MPC Services (UK) Limited is Kwigo Limited, a company incorporated in England and Wales.

By virtue of their shareholding in Kwigo Limited, L.A.C.Shepherd and J.R.T. Shepherd are considered to be joint controlling parties of the company and group.