IRIS Accounts Production v24.3.0.553 07216623 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh072166232023-07-31072166232024-07-31072166232023-08-012024-07-31072166232022-07-31072166232022-08-012023-07-31072166232023-07-3107216623ns15:EnglandWales2023-08-012024-07-3107216623ns14:PoundSterling2023-08-012024-07-3107216623ns10:Director12023-08-012024-07-3107216623ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3107216623ns10:SmallEntities2023-08-012024-07-3107216623ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3107216623ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3107216623ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3107216623ns10:FullAccounts2023-08-012024-07-3107216623ns10:OrdinaryShareClass12023-08-012024-07-3107216623ns10:Director22023-08-012024-07-3107216623ns10:RegisteredOffice2023-08-012024-07-3107216623ns5:CurrentFinancialInstruments2024-07-3107216623ns5:CurrentFinancialInstruments2023-07-3107216623ns5:Non-currentFinancialInstruments2024-07-3107216623ns5:Non-currentFinancialInstruments2023-07-3107216623ns5:ShareCapital2024-07-3107216623ns5:ShareCapital2023-07-3107216623ns5:RetainedEarningsAccumulatedLosses2024-07-3107216623ns5:RetainedEarningsAccumulatedLosses2023-07-3107216623ns5:LeaseholdImprovements2023-08-012024-07-3107216623ns5:ComputerEquipment2023-08-012024-07-3107216623ns5:LandBuildings2023-07-3107216623ns5:LeaseholdImprovements2023-07-3107216623ns5:ComputerEquipment2023-07-3107216623ns5:LandBuildings2023-08-012024-07-3107216623ns5:LandBuildings2024-07-3107216623ns5:LeaseholdImprovements2024-07-3107216623ns5:ComputerEquipment2024-07-3107216623ns5:LandBuildings2023-07-3107216623ns5:LeaseholdImprovements2023-07-3107216623ns5:ComputerEquipment2023-07-3107216623ns5:CostValuation2023-07-3107216623ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3107216623ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3107216623ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-07-3107216623ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-07-3107216623ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-07-3107216623ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-07-3107216623ns5:Secured2024-07-3107216623ns5:Secured2023-07-3107216623ns10:OrdinaryShareClass12024-07-31
REGISTERED NUMBER: 07216623 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st July 2024

for

MRC (NW) LTD

MRC (NW) LTD (REGISTERED NUMBER: 07216623)






Contents of the Financial Statements
for the Year Ended 31st July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MRC (NW) LTD

Company Information
for the Year Ended 31st July 2024







DIRECTORS: Mr M Critchley
Mrs R V Critchley





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 07216623 (England and Wales)





ACCOUNTANTS: BK Plus - Chorley
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

MRC (NW) LTD (REGISTERED NUMBER: 07216623)

Balance Sheet
31st July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 495,150 507,615
Investments 5 110,440 110,440
Investment property 6 505,065 505,065
1,110,655 1,123,120

CURRENT ASSETS
Debtors 7 370,066 265,137
Cash at bank 59,919 503,027
429,985 768,164
CREDITORS
Amounts falling due within one year 8 146,926 243,058
NET CURRENT ASSETS 283,059 525,106
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,393,714

1,648,226

CREDITORS
Amounts falling due after more than one
year

9

(350,023

)

(690,813

)

PROVISIONS FOR LIABILITIES (96,339 ) (96,042 )
NET ASSETS 947,352 861,371

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 947,252 861,271
SHAREHOLDERS' FUNDS 947,352 861,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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.

MRC (NW) LTD (REGISTERED NUMBER: 07216623)

Balance Sheet - continued
31st July 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 26th February 2025 and were signed on its behalf by:





Mr M Critchley - Director


MRC (NW) LTD (REGISTERED NUMBER: 07216623)

Notes to the Financial Statements
for the Year Ended 31st July 2024

1. STATUTORY INFORMATION

MRC (NW) Ltd 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.

Preparation of consolidated financial statements
The financial statements contain information about MRC (NW) Ltd 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.

Revenue recognition
Revenue represents the value of amounts receivable for rents and management services for the total period of property occupation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost
Computer equipment - 25% on reducing balance

The balance sheet value of the property is at cost.

In a departure from FRS 102 Section 1A for small entities, no depreciation is provided in respect of freehold properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a fair value. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a fair value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


MRC (NW) LTD (REGISTERED NUMBER: 07216623)

Notes to the Financial Statements - continued
for the Year Ended 31st July 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 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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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.

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

MRC (NW) LTD (REGISTERED NUMBER: 07216623)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2024

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Computer
property property equipment Totals
£    £    £    £   
COST
At 1st August 2023
and 31st July 2024 423,755 120,444 11,221 555,420
DEPRECIATION
At 1st August 2023 - 38,268 9,537 47,805
Charge for year - 12,044 421 12,465
At 31st July 2024 - 50,312 9,958 60,270
NET BOOK VALUE
At 31st July 2024 423,755 70,132 1,263 495,150
At 31st July 2023 423,755 82,176 1,684 507,615

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st August 2023
and 31st July 2024 110,440
NET BOOK VALUE
At 31st July 2024 110,440
At 31st July 2023 110,440

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st August 2023
and 31st July 2024 505,065
NET BOOK VALUE
At 31st July 2024 505,065
At 31st July 2023 505,065

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other debtors 323,985 260,045
Directors' current accounts 44,708 -
Prepayments and accrued income 1,373 5,092
370,066 265,137

MRC (NW) LTD (REGISTERED NUMBER: 07216623)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 29,893 47,399
Other loans 5,838 5,696
Trade creditors 62,500 -
Amounts owed to group undertakings 25,687 108,858
Tax 11,171 16,835
Directors' current accounts - 49,922
Accrued expenses 11,837 14,348
146,926 243,058

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-5 years 129,194 209,539
Bank loans - over 5 years 193,936 348,543
Other loans - 1-5 years 24,845 24,241
Other loans more 5yrs instal 2,048 8,490
Directors' loan accounts - 100,000
350,023 690,813

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 2,048 8,490

10. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 353,023 605,481
Other loans 32,731 38,427
385,754 643,908

There are legal charges over the properties held by the company and a floating charge over the assets of the company. Two of these charges are dated 16 November 2016 and two are dated November 2020.

The Coronavirus Business Interruption Loan is provided under the standard terms of the CBIL scheme.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

MRC (NW) LTD (REGISTERED NUMBER: 07216623)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the 31 July 2024 the Directors owe the company £44,708 (last year the company owed its Directors: 2023 - £149,919). Interest of £10,607 (2023 - £13,327) has been charged to the company in respect of this loan and there is no formal repayment date.

13. RELATED PARTY DISCLOSURES

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 owed £263,985 (2023 - £230,045) by MRC (NW) Properties Ltd, a company in which Mr and Mrs Critchley are both shareholders and directors. No interest has been charged on the loan.

14. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr and Mrs M Critchley by virtue of their holding 100% of the issued share capital.