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DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024 |
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The Company is a commercial vehicle dealer with both the Volvo and Isuzu franchises. It operates in the South-East of England, through a network of 6 depots. The Company sells new and used commercial vehicles, sells manufacturer and all make parts for commercial vehicles and offers maintenance and repair services.
The results of the Company, as set out in the attached financial statements, show a turnover of £125m (2023 £122.2m) and a profit on ordinary activities before tax of £5.3m (2023 £4.1m). Shareholder funds of the Company stand at £11.5m (2023 £11.0m).
Performance during 2024 improved on 2023, and the Company has produced very satisfactory results. Within our region the heavy truck market (over 16T) remained very similar to 2023 levels. Invoiced sales reduced slightly compared to 2023 but registrations in the year were up and the Company’s market share increased from 17.4% in 2023 to 21.0% in 2024, Volvo’s national market share was 18.2% for 2024 (2023 16.1%). Even with lower volumes, new vehicle sales increased from £77.6m in 2023 to £77.9m in 2024. Year-end stock reduced from £23.1m in 2023 to £17.0m in 2024 due to a reduction in new vehicle stock at year end, parts stock remained similar to 2023 levels. Although sales increased, profits from core aftermarket activities fell slightly compared to 2023 with overheads increasing faster than gross margins. Labour hours reduced slightly compared to 2023, whereas sales increased by 7% due to improvements in recovery rates. Overall parts sales increased by 5% compared to 2023 reflecting price increases, with volumes similar to 2023 levels. Total sales increased by 2.3% compared to 2023 with the overall gross margin percentage very similar and a small increase in the overall gross profit. Total overheads reduced by £1m compared to 2023, which added to the increase in gross margin caused the Company’s profit on ordinary activities to increase from £4.1m in 2023 to £5.3m in 2024. Over the past couple of years’ the Company has carried out an extensive refurbishment program to all of its locations in order to further enhance the customer experience and is proud to have been awarded Volvo’s “Dealer of the Year” for 2024.
The UK commercial vehicle market is mature and highly competitive with other manufacturers offering similar products and services. The total market is cyclical in nature and tends to follow movements in GDP, so new vehicle sales volumes can vary markedly from one year to the next.
The Company’s success is dependent on retaining and increasing the vehicle parc within its area of operation, so that it can generate parts and labour sales. This is achieved through developing strong relationships with its customer base and by providing exceptional customer service which differentiates the Company from its competitors.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Board of Directors, in line with their duties under S172 of the Companies Act 2006, act in a way they consider would most likely promote the success of the business for the benefit of its members as a whole, and in so doing have regard to a range of matters when making decisions for the long term. Important decisions and matters of strategic importance to the Company are made in light of S172 considerations.
Through open dialogue with key stakeholders we have developed an understanding of their needs. As part of the decision-making process the Board consider the impact of decisions on relevant stakeholders, whilst having regard to more boarder factors such as the impact on the community, the environment and likely long-term consequences. Our plans are designed to be of long-term benefit to the company by providing our customers with products and services which fit their needs and provide added value at the right price. Company representatives meet with our key suppliers regularly and at all levels, to ensure performance is on track to deliver our business objectives. Employees are crucial to the success of the business and we aim to be a responsible and attractive employer, who provides excellent pay and benefits together with the opportunity for career progression. Our intention is to behave responsibly and ensure that management operate the business responsibly, with high standards of conduct and good governance, and in so doing will contribute to the long-term success of the business. Principal Risks and Uncertainties The Company is reliant on its manufacturer partners to develop and market competitive products, which provide a sound commercial argument for our customers. We believe that with both the Volvo and Isuzu brands, we are partnered with industry leading manufacturers who are technologically advanced, environmentally aware and who offer excellent whole life costs. The commercial vehicle market can be seen as a bell-weather for the UK economy and company profitability could be adversely affected by worsening economic conditions. A slowing economy could dampen business confidence, reduce investment in new vehicles and lead to a reduction in aftermarket sales. Any credit risk is mitigated by having a diverse customer base, operating over a wide range of industry sectors and also by having strong credit control processes in place.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Going Concern
The company prepares detailed budgets and cash flow forecasts together with rolling 5 year projections. The Company is expected to generate positive cash flows for the foreseeable future even if higher sales increase working capital requirements. The company has undertaken stress testing on various sales assumptions. Based on current trading the decline in sales needed for the company to extinguish its cash reserves within the next 12 months was not deemed plausible. Working capital requirements are funded by retained earnings and forecasts show that there is sufficient liquidity for the business to continue in operation. The directors therefore have the reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Future Developments The Company will continue to focus on growing the vehicle parc within our region, with the aim of securing any new business on long term contracts. We will also look to continually refresh and improve our aftermarket offering to increase the levels of customer service.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £4,012,347 (2023 - £3,072,887).
The directors approved the payment of a dividend of £3,500,000 during the year (2023 - £2,000,000)
The directors who served during the year were:
Information relating to business activities, likely future developments in the business, its financial position, its exposure to risks and the directors assessment of going concern have been disclosed within the Strategic Report in accordance with S414c(ii) of the Companies Act 2006.
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MC TRUCK & BUS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's policy is to provide employees with information about the group through the staff newsletter. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
Disabled employees The Company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retaining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
See the strategic report for details of engagement with suppliers, customers and other stakeholders.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its reported at group level. Please see the statutory financial statements for M C Group Limited and MCG (Holdings) Ltd for further details.
There have been no significant events affecting the Company since the year-end.
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MC TRUCK & BUS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, S&W Audit (formerly CLA Evelyn Partners Limited) will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MC TRUCK & BUS LIMITED
We have audited the financial statements of MC Truck & Bus Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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MC TRUCK & BUS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MC TRUCK & BUS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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MC TRUCK & BUS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MC TRUCK & BUS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of
management concerning their understanding of relevant laws and regulations, the entity’s policies and
procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also
drew on our existing understanding of the Company’s industry and regulation.
We understand that the Company complies with the framework through:
• Outsourcing accounts preparation and tax compliance to external experts.
In the context of the audit, we considered those laws and regulations which determine the form and content of
the financial statements, which are central to the Company’s ability to conduct its business, and/or where there
is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:
• The Companies Act 2006 and FRS 102 for the preparation and presentation of the financial statements.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the
susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
∙Revenue may be deferred inappropriately to manipulate financial results.
∙Manipulation of the financial statements, especially revenue, via fraudulent journal entries.
∙Revenue and cost of sales may be misstated due to inaccurate cut-off at year-end.
These areas were communicated to the other members of the engagement team not present at the discussion.
The procedures we carried out to gain evidence in the above areas included:
∙Challenging management regarding the assumptions and judgements used in the key accounting estimates and revenue recognition policy, including comparison to post year-end data as appropriate.
∙Completeness testing on revenue to verify that all sales in the year were correctly recorded.
∙Testing of cut-off of purchase and sales invoices to ensure recognised in the correct accounting period.
∙Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.
∙Conducting physical inventory counts and reconciling them with the inventory records to ensure accuracy.
Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate
competence and capabilities to identify or recognise irregularities.
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MC TRUCK & BUS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MC TRUCK & BUS LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Brockbourne House
77 Mount Ephraim
Kent
TN4 8BS
Date:
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MC Truck & Bus Limited (the Company) is a private company limited by shares domiciled and incorporated in England and Wales.
The address of its registered office and its place of business is Beddow Way, Forstal Road, Aylesford, Maidstone, Kent, ME20 7BT. The principal activities of the Company continue to be the sale of commercial vehicles, the servicing and repair of commercial vehicles and the sale of spare parts.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to
the nearest whole £1, except where otherwise stated.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙The requirements of Section 7 Statement of Cash Flows;
∙The requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙The requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙The requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of M C Group Limited and MCG (Holdings) Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company prepares detailed budgets and cash flow forecasts together with rolling 5 year projections. The Company is expected to generate positive cash flows for the foreseeable future even though higher sales will increase working capital requirements.
The Company has undertaken stress testing on various sales assumptions. Based on current trading the decline in sales needed for the Company to extinguish its cash reserves within the next 12 months was not deemed plausible. Working capital requirements are funded by retained earnings and forecasts show that there is sufficient liquidity for the business to continue in operation. The directors therefore have the reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Sale of Vehicles Revenue from the sale of trucks is recognised at the point in time when control of the goods has transferred to the customer. This is deemed to occur upon delivery of the truck to the customer, which is when the customer obtains legal title and physical possession, and the risks and rewards of ownership have transferred. Sale of Parts Revenue from the sale of parts is recognised upon delivery to the customer. Delivery is considered the point at which the customer takes possession of the parts and the company has no further performance obligations. This reflects the transfer of control and completion of the earnings process. Workshop Sales Revenue from workshop services is recognised upon completion of the work. This is the point at which the service has been fully performed, and the customer has accepted the outcome. Where workshop services span multiple reporting periods, revenue is recognised only when the work is complete and the customer is invoiced.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Critical accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no material accounting estimates and assumptions.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's reserves are represented by the following:
Profit and loss account
The cumulative profit and loss, net of distribution to owners.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate parent company is MCG (Holdings) Limited, a company registered in England and Wales.
The immediate parent company is M C Group Limited and is the smallest group for which this Company is consolidated up to. MCG (Holdings) Limited prepares group financial statements, and its registered office is Beddow Way, Aylesford, Maidstone, Kent, ME20 7BT. This is the largest group for which this Company is included within consolidation. The ultimate controlling party is S. J. Dawson.
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