REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st July 2024 |
for |
MRC (NW) LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Computer equipment | - |
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 |
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 |
DEPRECIATION |
At 1st August 2023 |
Charge for year |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st August 2023 |
and 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st August 2023 |
and 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Other debtors |
Directors' current accounts | 44,708 | - |
Prepayments and accrued income |
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 |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Directors' current accounts | - | 49,922 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans - 1-5 years |
Bank loans - over 5 years |
Other loans - 1-5 years | 24,845 | 24,241 |
Other loans more 5yrs instal | 2,048 | 8,490 |
Directors' loan accounts | - | 100,000 |
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 |
Other loans |
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: | £ | £ |
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. |