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MC2 London Ltd

Registered Number
03620909
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

MC2 London Ltd
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

D Chennells
M G Chennells

Company Secretary

R M Atkinson

Registered Address

Parkhill House
Eagle
Lincoln
LN6 9FT

Registered Number

03620909 (England and Wales)
MC2 London Ltd
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,368,8675,379,947
Investments511
Investment property42,162,0852,162,085
7,530,9537,542,033
Current assets
Debtors67,7058,162
Current asset investments347,343378,592
Cash at bank and on hand13,297343
368,345387,097
Creditors amounts falling due within one year7(41,699)(151,920)
Net current assets (liabilities)326,646235,177
Total assets less current liabilities7,857,5997,777,210
Creditors amounts falling due after one year8(3,202,688)(3,156,148)
Provisions for liabilities9(1,152,945)(1,151,236)
Net assets3,501,9663,469,826
Capital and reserves
Called up share capital100100
Revaluation reserve3,304,3743,304,374
Profit and loss account197,492165,352
Shareholders' funds3,501,9663,469,826
The financial statements were approved and authorised for issue by the Board of Directors on 7 April 2025, and are signed on its behalf by:
M G Chennells
Director
Registered Company No. 03620909
MC2 London Ltd
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
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.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-25
Plant and machinery25-
Fixtures and fittings25-
Office Equipment25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 245,353,237118,44883,8866,1955,561,766
Additions--4,121-4,121
At 31 December 245,353,237118,44888,0076,1955,565,887
Depreciation and impairment
At 01 January 2425,18088,19364,0184,428181,819
Charge for year1,1937,5646,00144315,201
At 31 December 2426,37395,75770,0194,871197,020
Net book value
At 31 December 245,326,86422,69117,9881,3245,368,867
At 31 December 235,328,05730,25519,8681,7675,379,947
4.Investment property
The director has reviewed the valuation of the investment properties and has confirmed that the value in the accounts reflects the fair value of the properties.

£
Fair value at 01 January 242,162,085
At 31 December 242,162,085
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 2411
At 31 December 2411
Net book value
At 31 December 2411
At 31 December 2311

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2024

2023

££
Other debtors3,6827,576
Prepayments and accrued income4,023586
Total7,7058,162
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables10,66539,955
Bank borrowings and overdrafts25,53181,554
Taxation and social security1,890-
Other creditors-4,300
Accrued liabilities and deferred income3,61326,111
Total41,699151,920
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,022,291750,075
Amounts owed to related parties12,64824,648
Other creditors2,167,7492,381,425
Total3,202,6883,156,148
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,152,9451,151,236
Total1,152,9451,151,236
10.Related party transactions
A loan exists between this company and its subsidiary. At the year end the balance due to MC2 Trading Ltd was £12,648 (2023 - £24,648).