MC Services AG Limited |
Notes to the Accounts |
for the year ended 31 December 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £. |
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Turnover |
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Turnover represents the costs the company has incurred in the year, plus a margin of 5% recharged to the holding company. |
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Debtors and creditors |
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Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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10,136 |
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11,458 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxation and social security costs |
1,253 |
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2,728 |
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Other creditors |
3,441 |
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3,308 |
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4,694 |
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6,036 |
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5 |
Related party transactions |
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All transactions are effected at market value via the holding company MC Services AG which is based in Germany. |
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6 |
Controlling party |
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The company is under the control of MC Services AG, of which it is a 100% subsidiary. |
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7 |
Other information |
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MC Services AG Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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5 Providence Court |
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Pynes Hill |
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Exeter |
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Devon |
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EX2 5JL |