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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: Y D Roullac





REGISTERED OFFICE: Systems House
235 Ampthill Road
Bedford
Bedfordshire
MK42 9QG





REGISTERED NUMBER: 08204622 (England and Wales)





AUDITORS: Forvis Mazars LLP
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 1,899,261 1,850,992
Investments 6 824,000 824,102
2,723,261 2,675,094

CURRENT ASSETS
Debtors 7 1,600,155 1,407,997
Cash at bank - 82
1,600,155 1,408,079
CREDITORS
Amounts falling due within one year 8 133,092 111,271
NET CURRENT ASSETS 1,467,063 1,296,808
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,190,324

3,971,902

PROVISIONS FOR LIABILITIES 9 111,653 111,488
NET ASSETS 4,078,671 3,860,414

CAPITAL AND RESERVES
Called up share capital 10 1,002 1,002
Other reserves 1,894,965 1,894,965
Fair value reserve 11 476,938 476,938
Retained earnings 1,705,766 1,487,509
SHAREHOLDERS' FUNDS 4,078,671 3,860,414

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 15th January 2025 and were signed by:





Y D Roullac - Director


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 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 as modified by the revaluation of certain assets.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over remaining useful life
Improvements to property - straight line over 20 years
Fixtures and fittings - 33% on cost

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 1 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st January 2023
and 31st December 2023 37,170
AMORTISATION
At 1st January 2023
and 31st December 2023 37,170
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 1,785,000 76,961 63,683 1,925,644
Additions - 78,338 - 78,338
At 31st December 2023 1,785,000 155,299 63,683 2,003,982
DEPRECIATION
At 1st January 2023 20,756 6,796 47,100 74,652
Charge for year 20,756 5,994 3,319 30,069
At 31st December 2023 41,512 12,790 50,419 104,721
NET BOOK VALUE
At 31st December 2023 1,743,488 142,509 13,264 1,899,261
At 31st December 2022 1,764,244 70,165 16,583 1,850,992

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 824,102
Disposals (102 )
At 31st December 2023 824,000
NET BOOK VALUE
At 31st December 2023 824,000
At 31st December 2022 824,102

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Usystems Limited
Registered office: Systems House, 235 Ampthill Road, Bedford, Bedfordshire. MK42 9QG
Nature of business: Manufactures computer cabinets
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,620,652 2,456,566
Profit for the year 164,086 937,251

18MC GLOBAL LIMITED (REGISTERED NUMBER: 08204622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. FIXED ASSET INVESTMENTS - continued

USystems Inc
Registered office: 350 Fifth Avenue, 41st floor, New York, NY 10118
Nature of business: Sale office
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves - (159,314 )
Profit for the year - 17,687

18MC Global Private Limited
Registered office: No. 109, Vellala Street, III Floor Puraswalkam Chennai Chennai TN 600084 IN
Nature of business: Sale office
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves - 102

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 1,574,793 1,382,635
Other debtors 8,014 8,014
Tax 17,348 17,348
1,600,155 1,407,997

Included in other debtors is the unpaid share capital.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Corporation tax 97,951 48,571
Social security and other taxes 25,707 53,308
Other creditors 934 892
Accruals and deferred income 8,500 8,500
133,092 111,271

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 111,488
Charge to Income Statement during year 165
Balance at 31st December 2023 111,653

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
10,000 A Shares £0.10 1,000 1,000
10 B Shares £0.10 1 1
10 C Shares £0.10 1 1
1,002 1,002

11. RESERVES
Fair
value
reserve
£   
At 1st January 2023
and 31st December 2023 476,938

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.

Louis Burns (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP

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 Legrand.