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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 rental business, which provides customers long term hire options. The Company also provides preventative and full, all inclusive, maintenance contracts for customers who choose to own their vehicles.
Results, performance & KPI’s The results of the Company, as set out in the attached financial statements, show a profit on ordinary activities before tax of £3.4m (2023 £5.3m). Shareholders’ funds of the Company total £29.2m (2023 £27.3m). Utlilisation reduced compared to 2023 due to increases in vehicle supply causing excess capacity in the market. This also had the effect of depressing used vehicle values which reduced disposal profits. However, the Company was able to increase gross margins (excluding disposals) from 19.5% in 2023 to 21.6% in 2024. The fleet reduced by a further 4% during 2024, further reducing exposure, generating positive cash flow and profits on disposal. Due to asset additions the Company’s overall gearing increased from 2.2 in 2023 to 2.4 in 2024, with total debt increasing from £60.6m in 2023 to £69.7m in 2024. Asset additions were 495 in 2024 at a cost of £43.6m with 554 units disposed. Used values continued to be volatile during the year with more availability in the market and excess capacity. This caused disposal profits to reduce again from £3.4m in 2023 to £1.4m in 2024. The company shows all disposal profits and losses as part of the gross margin within these financial statements, as this reflects either an over or under depreciation of assets hired out over their useful life. Unexpired contract revenue stands at £57.5m (2023 £58.4m) which reflects the long-term nature of the contract portfolio. As with many vehicle rental businesses the company has a balance sheet with negative current assets totaling £13.9m, a slight decrease from £14.5m in 2023. However, under current accounting conventions no account is made of the future gross contractual revenue which for 2025 totals £26m. Business Environment The UK vehicle rental market is mature and very competitive, particularly within the commercial vehicle sector, where our business is focused. Competitors offer similar products and the daily hire sector can be very price sensitive. Strategy The Company’s success is dependent on maintaining a high fleet utilization and matching the fleet to customers’ requirements. The Company has focused its efforts in developing long term contractual business, as this provides more stable long-term revenue streams.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The main risk facing the Company is the volatility of the used vehicle market when vehicles come to the end of their contract. However, the Company constantly reviews its depreciation policy in light of changes in used values and during the year the Company experienced a profit on disposal of £1.4m (2023 - £3.4m).
The provision of external funding sources is another risk facing the Company, as a lack of funding would restrict the ability to finance new asset acquisitions. This risk is managed by developing a network of funders and not being reliant on any one source. The amount of external funding also has an inherent interest rate risk, which is managed by fixing rates with funders at the start of contracts so the actual interest costs are known in advance. Any credit risk is mitigated by having a diverse customer base, operating over a wide range of industry sectors and with no customer accounting for more than 7% of sales. The Company has direct debit mandates in place for the majority of customers, which enables control of cash collection and this is supplemented by having strong credit control processes in place. Going Concern The company prepares detailed budgets and cash flow forecasts together with rolling 5 year projections. Based on this information the Company is expected to generate positive cash flows for the foreseeable future due to ongoing profitability and asset disposals. 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 We anticipate the fleet to increase during 2025 with slightly more additions than disposals, and for gross margins and disposal profits to increase on 2024 levels.
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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.
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 judgments 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 £2,479,050 (2023 - £4,198,207).
Dividends totalling £500,000 have been proposed for the current year (2023 - £3,800,000).
The directors who served during the year were:
See the strategic report for details of future developments.
See the strategic report for details of engagement with suppliers, customers and other stakeholders.
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MC RENTAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As a subsidiary undertaking, our energy and carbon reporting is reported at group level, please see the statutory accounts of MC Group Ltd & MCG (Holdings) Ltd for further details.
There have been no significant events affecting the Company since the year end.
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 RENTAL LIMITED
We have audited the financial statements of MC Rental 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.
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.
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MC RENTAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MC RENTAL LIMITED (CONTINUED)
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 RENTAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MC RENTAL 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
Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate
competence and capabilities to identify or recognise irregularities.
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.
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MC RENTAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MC RENTAL LIMITED (CONTINUED)
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
Statutory Auditors
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 12 to 26 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MC Rental Limited (the Company) is a private company limited by shares domiciled and incorporated in
England and Wales. The address of its registered office is Beddow Way, Forstal Road, Aylesford, Maidstone, Kent, ME20 7BT. The address of its place of business is Bellingham Way, Larkfield, Maidstone, Kent, ME20 6FS. The principal activity of the Company continues to be the long term contract hire of commercial vehicles.
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 judgment 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 has net current liabilities of £13,918,991 (2023: £14,522,555) which is in common with vehicle rental businesses generally. However, under existing accounting conventions no account is taken for the future gross contractual revenue which, for the next 12 months, stands at £26,021,937 (2023: £27,666,788).
The Company prepares detailed budgets and cash flow forecasts together with rolling 5 year projections. Based on this information the Company is expected to generate positive cash flows for the foreseeable future due to ongoing profitability and asset disposals. 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 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. Recognition of specific turnover streams: Turnover from monthly contract hire is recognised on a straight line basis over the period of the lease. Turnover from short term contract hire is recognised in the period in which it relates. Turnover from planned maintenance contracts is recognised on a monthly basis. Turnover from repair and maintenance contracts is recognised under the 'Reverse Rule of 78'. All turnover arose within the United Kingdom.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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)
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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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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
Critical areas of judgement In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the Company as lessee, or the lessee where the Company is a lessor. At the end of the year, the Company held leases under hire purchase totalling £69,743,309 (2023: £60,459,236). The Company makes estimates as to the useful economic life of assets and their residual value to determine the depreciation charge. This is based on knowledge of historic performance and the industry. The net book value of fixed assets totals £96,105,885 (2023: £85,624,185) The Company recognises revenue for repairs and maintenance contracts on the 'Reverse Rule of 78' basis as to fulfil the contract obligations an indeterminate number of events can occur. Deferred revenue totalling £339,451 (2023: £516,279) has been recognised under this method. This method is the directors' best estimate of how the costs relating to fulfilling the contract are incurred. The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
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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
10.Taxation (continued)
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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
20.Deferred taxation (continued)
Profit and loss account
The profit and loss account represents 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, this is the smallest group the company is consolidated within. MCG (Holdings) Limited prepared group financial statements and copies can be obtained from Companies House, Cardiff, CF14 3UZ. This is the largest group the company is included within. The ultimate controlling party is S J Dawson.
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