Registration number: 09268526

MC Cardiff (Trading) Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

MC Cardiff (Trading) Limited

Company Information

Directors

Mr Paul M Johnston Mr David A McCrory Mr Douglas A Pope

Registered office

6th Floor Saddlers House 44 Gutter Lane LONDON EC2V 6BR

Accountants

Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN

MC Cardiff (Trading) Limited

(Registration number: 09268526)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	17,085	7,886
Current assets
Stocks	5	14,105	19,206
Debtors	6	886,883	987,204
Cash at bank and in hand		234,811	79,036
		1,135,799	1,085,446
Creditors: Amounts falling due within one year	7	(1,121,438)	(1,015,765)
Net current assets		14,361	69,681
Total assets less current liabilities		31,446	77,567
Creditors: Amounts falling due after more than one year	7	(37,500)	(87,500)
Provisions for liabilities		(3,228)	(1,486)
Net liabilities		(9,282)	(11,419)
Capital and reserves
Called up share capital	9	1	1
Retained earnings		(9,283)	(11,420)
Shareholders' deficit		(9,282)	(11,419)

MC Cardiff (Trading) Limited

(Registration number: 09268526)
Statement of Financial Position as at 31 March 2025

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2025 and signed on its behalf by:
 

......................................... Mr Paul M Johnston Director

MC Cardiff (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6th Floor
Saddlers House
44 Gutter Lane
LONDON
EC2V 6BR

These financial statements were authorised for issue by the Board on 26 November 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling (£) and rounded to the nearest £1.

Going concern

The company is wholly owned by Maven Capital (Cardiff) LP. The partnership is willing to continue to support the company. The company continues to trade with the support of its key suppliers and the partnership's senior lender.

The group is funded by limited partner equity, loan notes and bank borrowings. The company is party to a Composite Guarantee as disclosed at Note 8. Notwithstanding the fact that liabilities exceed assets by £9,282 at the balance sheet date, the directors consider it appropriate to prepare the accounts on a going concern basis given the above noted support.

MC Cardiff (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax credit for the period comprises deferred tax and is recognised in the Income Statement.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and fittings	25% straight line
IT equipment	33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank deposits.

MC Cardiff (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

The company only has assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently remeasured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 61 (2024 - 74).

MC Cardiff (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	225,712	225,712
Additions	19,090	19,090
At 31 March 2025	244,802	244,802
Depreciation
At 1 April 2024	217,826	217,826
Charge for the year	9,891	9,891
At 31 March 2025	227,717	227,717
Carrying amount
At 31 March 2025	17,085	17,085
At 31 March 2024	7,886	7,886

5

Stocks

	2025 £	2024 £
Other inventories	14,105	19,206

6

Debtors

	Note	2025 £	2024 £
Trade debtors		-	34,782
Amounts owed by related parties	10	843,971	876,220
Prepayments		42,912	41,245
Other debtors		-	34,957
		886,883	987,204

MC Cardiff (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	50,000	50,000
Trade creditors		223,907	342,677
Taxation and social security		236,326	131,907
Accruals and deferred income		606,309	484,271
Other creditors		4,896	6,910
		1,121,438	1,015,765

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	37,500	87,500

8	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	50,000	50,000

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	37,500	87,500

The bank borrowings are secured over the property known as Dominions House, Cardiff which is owned by Maven Capital (Cardiff) LP.

There is also a Composite Guarantee between MC Cardiff (Trading) Limited and Maven Capital (Cardiff) LP and a Mortgage Debenture provided by MC Cardiff (Trading) Limited.

MC Cardiff (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary Share Capital of £1 each	1	1	1	1

10	Related party transactions

Summary of transactions with other related parties

The Limited Company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other members of the group.
 

11	Parent and ultimate parent undertaking

MC Cardiff (Trading) Limited is a wholly owned subsidiary of Maven Capital (Cardiff) LP, a Limited Partnership registered in Scotland.

The ultimate controlling party is MC Cardiff General Partner LLP, a limited liability partnership registered in the UK. Copies of the financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.