18MC GLOBAL LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2023 |
18MC GLOBAL LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2023 |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
18MC GLOBAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Registered Auditors |
2 Chamberlain Square |
Birmingham |
B3 3AX |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Other reserves |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
18MC Global Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated. |
Preparation of consolidated financial statements |
The financial statements contain information about 18MC Global Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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. |
The company is an intermediate parent company and is not required to prepare consolidated accounts. Group accounts can be obtained from the parent company, Legrand, 128 Av. du Maréchal de Lattre de Tassigny 87045 Limoges FRANCE. |
Critical accounting judgements and key sources of estimation uncertainty |
The key area of estimation uncertainty is the value of the freehold property. The company uses external experts to obtain a valuation on a fair value basis. The revaluations are carried out at regular intervals. |
Turnover |
Turnover represents management charges and dividend income received from subsidiaries, stated net of value added tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Investments |
Shares in group undertakings are included at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31st December 2023 is represented by: |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2021 | 585,275 | - | - | 585,275 |
Cost | 1,199,725 | 155,299 | 63,683 | 1,418,707 |
1,785,000 | 155,299 | 63,683 | 2,003,982 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
as restated |
£ | £ |
Cost | 1,199,725 | 1,199,725 |
Value of land in freehold land and buildings | 599,863 | 599,863 |
Freehold property was valued on an open market basis on 10th December 2021 by Kirkby Diamond . |
The director has considered the value in 2023 and there has not been any indicators of impairment. |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2023 |
Disposals | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Systems House, 235 Ampthill Road, Bedford, Bedfordshire. MK42 9QG |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: 350 Fifth Avenue, 41st floor, New York, NY 10118 |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
Registered office: No. 109, Vellala Street, III Floor Puraswalkam Chennai Chennai TN 600084 IN |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
The entity was dissolved in Q1 of 2023. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Tax |
Included in other debtors is the unpaid share capital. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
as restated |
£ | £ |
Deferred tax | 111,653 | 111,488 |
18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Charge to Income Statement during year |
Balance at 31st December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
A Shares | £0.10 | 1,000 | 1,000 |
B Shares | £0.10 | 1 | 1 |
C Shares | £0.10 | 1 | 1 |
1,002 | 1,002 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st January 2023 |
and 31st December 2023 |
Other reserves comprises the capitalisation of an intercompany debt owed to Legrand now presented as a capital contribution. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CONTINGENT LIABILITIES |
The company has granted a cross guarantee to Barclays Bank PLC in relation to facilities granted to the subsidiary company, Usystems Limited. The maximum liability at the balance sheet date under this agreement was £nil (2022 £nil). |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Legrand Electric Limited. |
The ultimate controlling party is |