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Registered number: 04258777 MC199 LIMITED AUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
MC199 LIMITED REGISTERED NUMBER: 04258777 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 2,454,000 |  | 2,454,000
|  |  | 2,454,000 |  | 2,454,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 9,743 |  | 11,030 |
Cash at bank and in hand |  | 136,097 |  | 370,801 |
|  | 145,840 |  | 381,831 |
Creditors: amounts falling due within one year | 6 | (1,869,104) |  | (2,141,083) |
Net current liabilities |  |  | (1,723,264) |  | (1,759,252)
Total assets less current liabilities |  |  | 730,736 |  | 694,748
Provisions for liabilities |  |  |  |  |
Deferred tax | 7 | (117,401) |  | (117,401) |
|  |  | (117,401) |  | (117,401)
Net assets |  |  | 613,335 |  | 577,347
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Fair Value non-distributable reserve |  |  | 414,831 |  | 414,831
Retained Earnings |  |  | 198,502 |  | 162,514
|  |  | 613,335 |  | 577,347
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MC199 LIMITED REGISTERED NUMBER: 04258777 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2025.
N J C Griffith
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
MC199 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
MC199 Limited is a private company, limited by shares, registered in England & Wales.
| Registered number | 04258777
| Registered office address | The Warehouse Wyndham Arcade St Mary Street Cardiff CF10 1FH
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
| 2.3 | Related party exemption
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. Page 3
MC199 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Going Concern
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The company has net assets at the balance sheet date and has made a profit in the year. However the company has net current liabilities at the balance sheet date and is dependent on the support of its related parties. The directors consider that this support will continue for the foreseeable future. The directors believe that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook. The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.5 | Turnover policy & recognition
Turnover, all of which arises in the United Kingdom, represents rental income, insurance recharge income and management fees, which fall within the company's ordinary activities after the deduction of trade discounts and value added tax. Rental income is invoiced on a quarterly basis in advance and is recognised evenly over the period to which it relates. Insurances are invoiced on an annual basis in advance and are recognised evenly over the period to which they relate.
| 2.6 | Tangible fixed assets
The company's freehold land and buildings are treated as investment properties, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties for which fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value annually, with the charge recognised in the income statement. Surpluses or deficits on revaluation of individual properties are charged to the statement of comprehensive income in the period to which they relate such amount are then credited to a separate non-distributable reserve in order to correctly disclose distributable amounts.
| 2.7 | Bad debt provision
A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not be recoverable.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 4
MC199 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 5
MC199 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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MC199 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 2,454,000
| At 31 December 2024 | 2,454,000
The 2024 valuations were made by Mr N J C Griffith, on an open market value for existing use basis.
| Cost or valuation of investment properties at the balance sheet date is represented by:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Historic cost | 2,441,535 | 2,441,535
| Impairment of property | (425,253) | (425,253)
| Surplus on revaluation of properties | 437,718 | 437,718
|  | 2,454,000 | 2,454,000
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MC199 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 2,885 | 4,606
| Prepayments and accrued income | 6,858 | 6,424
|  | 9,743 | 11,030
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 2,100 | 2,100
| Amounts owed to related parties | 1,239,889 | 1,560,499
| Amounts owed to shareholders | 551,580 | 506,124
| Corporation tax | 11,274 | 6,421
| Other taxation and social security | 9,892 | 10,031
| Accruals and deferred income | 54,369 | 55,908
|  | 1,869,104 | 2,141,083
| The following liabilities were secured:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to related party | 688,309 | 708,589
|  | 688,309 | 708,589
| Details of security provided:
The balance is secured and interest is charged at 2.6% plus SONIA rate per annum. Page 8
MC199 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (117,401)
| At end of year | (117,401)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Gains on revaluation of investment property | (94,514) | (94,514)
| Accelerated capital allowances | (22,887) | (22,887)
|  | (117,401) | (117,401)
8. | Reserves
Retained earnings non-distributable reserves relate to revaluation gains on the company's investment properties of £437,718 (2023: £437,718), net of deferred tax on the unrealised capital gains on these properties of £22,887 (2023: £22,887).
9. | Controlling party
There is no single controlling party. The company is under joint control of JD Devonald and G Securities Limited. G Securities Limited is a wholly owned subsidiary of G Capital Limited. Mr NJC Griffith is the controlling party of G Capital Limited.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 12 September 2025 by James Dobson BSc (Hons) FCA (Senior Statutory Auditor) on behalf of MHA. MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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