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REGISTERED NUMBER: 06186532 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

MMC SOUTHERN LIMITED

MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MMC SOUTHERN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: T A McCullough
N J McCullough
R D Statham
D McCullough





REGISTERED OFFICE: St Breock Downs Farm
St Breock
Wadebridge
Cornwall
PL27 7LG





REGISTERED NUMBER: 06186532 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 224,624 276,594

CURRENT ASSETS
Stocks 1,930,352 1,885,346
Debtors 5 183,289 242,400
Cash at bank and in hand 38,722 133,411
2,152,363 2,261,157
CREDITORS
Amounts falling due within one year 6 752,407 933,700
NET CURRENT ASSETS 1,399,956 1,327,457
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,624,580

1,604,051

CREDITORS
Amounts falling due after more than one
year

7

(897,679

)

(757,936

)

PROVISIONS FOR LIABILITIES (45,016 ) (45,561 )
NET ASSETS 681,885 800,554

CAPITAL AND RESERVES
Called up share capital 9 300 300
Share premium 799,297 799,297
Retained earnings (117,712 ) 957
SHAREHOLDERS' FUNDS 681,885 800,554

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)

BALANCE SHEET - continued
30 JUNE 2024


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 26 November 2024 and were signed on its behalf by:




T A McCullough - Director



R D Statham - Director


MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

MMC Southern 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.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed asset under the cost model are stated less historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manor intended by the management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery straight line over 3 - 11 years
Motor vehicles straight line over 3 - 4 years
Land is not depreciated.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other debtors, are initially recognised ar transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Leasing and hire purchase
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental payable under operating leases, including any lease incentives received are charged to income 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 lease 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.

Payments to defined contribution retirement benefit schemes are charged as an expenses as they fall due.

MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Cash and equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest, Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 2,266,808 982 2,267,790
DEPRECIATION
At 1 July 2023 1,990,459 737 1,991,196
Charge for year 51,725 245 51,970
At 30 June 2024 2,042,184 982 2,043,166
NET BOOK VALUE
At 30 June 2024 224,624 - 224,624
At 30 June 2023 276,349 245 276,594

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 39,121 102,435
Other debtors 11,400 -
Directors' current accounts 95,000 95,000
Tax 31,177 31,177
Prepayments 6,591 13,788
183,289 242,400

MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 63,359 81,415
Other loans 17,000 -
Hire purchase contracts - 95,697
Trade creditors 31,272 43,745
Tax 34,096 70,868
Social security and other taxes 15,474 47,310
Other creditors 22,955 5,649
Directors' current accounts 564,413 564,413
Accrued expenses 3,838 24,603
752,407 933,700

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 897,679 757,936

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts - 95,697
Ortus Secured finance 881,114 -
881,114 95,697

Amounts included within net obligations under hire purchase contracts are secured on the assets concerned.

The loan from Otrus secured finance is secured against the freehold property known as 1 to 5 St Breok Heights PL27 7LG.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
300 Ordinary £1 300 300

MMC SOUTHERN LIMITED (REGISTERED NUMBER: 06186532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
T A McCullough
Balance outstanding at start of year 75,000 75,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 75,000 75,000

D McCullough
Balance outstanding at start of year 10,000 10,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,000 10,000

N J McCullough
Balance outstanding at start of year 10,000 10,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,000 10,000

11. RELATED PARTY DISCLOSURES

Included within Other loans is a loan of £17,000 (2023 - £nil) between the company and Mine & Quarry Services Limited, a company in which Mr Tom McCullough is a director and shareholder.

No interest has been charged on the loan and the balance is repayable on demand.

During the year Mine & Quarry Services Limited invoiced MMC Southern Limited £12,000 (2023 - £21,185) for services. At the year end £3,600 (2023 - £1,200) was owed to Mine & Quarry Services Limited.

During the year Waste Processing Solutions Limited, a company under the control of Mr Robert David Statham a director and shareholder of MMC Southern Limited, invoiced MMC Southern Limited £12,000 (2023 - £53,000) for services. At the year end £11,400 was owed from Waste Processing Solutions Limited (2023 - £16,200 owed to Waste Processing Solutions Limited).

12. ULTIMATE CONTROLLING PARTY

The company had no ultimate controlling party.