MCG (FINCHLEY ROAD) LIMITED 08574567 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Real Estate Development. Digita Accounts Production Advanced 6.30.9574.0 true true 08574567 2023-04-01 2024-03-31 08574567 2024-03-31 08574567 bus:OrdinaryShareClass1 2024-03-31 08574567 core:CurrentFinancialInstruments 2024-03-31 08574567 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08574567 bus:SmallEntities 2023-04-01 2024-03-31 08574567 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08574567 bus:FullAccounts 2023-04-01 2024-03-31 08574567 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08574567 bus:RegisteredOffice 2023-04-01 2024-03-31 08574567 bus:CompanySecretary1 2023-04-01 2024-03-31 08574567 bus:Director3 2023-04-01 2024-03-31 08574567 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08574567 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08574567 countries:England 2023-04-01 2024-03-31 08574567 2022-04-01 2023-03-31 08574567 2023-03-31 08574567 bus:OrdinaryShareClass1 2023-03-31 08574567 core:CurrentFinancialInstruments 2023-03-31 08574567 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08574567

MCG (FINCHLEY ROAD) LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

MCG (FINCHLEY ROAD) LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

MCG (FINCHLEY ROAD) LIMITED

Company Information

Director

Mr MARCUS SIMON COOPER

Company secretary

Mr BENJAMIN IAIN WEST

Registered office

16 FINCHLEY ROAD
LONDON
NW8 6EB

 

MCG (FINCHLEY ROAD) LIMITED

(Registration number: 08574567)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

1,710,642

1,536,800

Debtors

5

50

22,522

 

1,710,692

1,559,322

Creditors: Amounts falling due within one year

6

(1,760,667)

(1,607,097)

Net liabilities

 

(49,975)

(47,775)

Capital and reserves

 

Called up share capital

7

50

50

Retained earnings

(50,025)

(47,825)

Shareholders' deficit

 

(49,975)

(47,775)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 March 2025
 

.........................................
Mr MARCUS SIMON COOPER
Director

 

MCG (FINCHLEY ROAD) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 FINCHLEY ROAD
LONDON
NW8 6EB
England

These financial statements were authorised for issue by the director on 11 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis not withstanding the fact that at 31 March 2022 total liabilities exceeded the total assets by £49,975. This basis is dependant upon the ongoing support of the creditors of the company, in particular the company's parent.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MCG (FINCHLEY ROAD) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Other inventories

1,710,642

1,536,800

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

50

50

Other debtors

 

-

22,472

   

50

22,522

 

MCG (FINCHLEY ROAD) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

1,079,377

848,381

Trade creditors

 

1,848

1,848

Amounts owed to group undertakings and undertakings in which the company has a participating interest

676,042

750,568

Accruals and deferred income

 

3,400

6,300

 

1,760,667

1,607,097

 

MCG (FINCHLEY ROAD) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

         

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

1,079,377

848,381