Registration number:
MC Corp Limited
Group Strategic Report,
Report of Director and
Audited
Consolidated Financial Statements
for the Year Ended 30 April 2025
MC Corp Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
MC Corp Limited
Company Information
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Directors |
Mr Mitesh Chouhan Mrs Priscilla Chouhan |
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Company secretary |
Mrs Priscilla Chouhan |
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Registered office |
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Auditors |
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MC Corp Limited
Strategic Report for the Year Ended 30 April 2025
The directors present their strategic report for the year ended 30 April 2025.
Principal activity
The principal activity of the group is of the provision of mailing solutions.
Fair review of the business
The results of the year and the financial position of the group are shown in the annexed financial statements.
Central Mailing Services have carried on investing time and resource into technology and automation. We have expended our internal Development team and see a lot of progress with inhouse software to improve processes within the business. The investment in technology is ensuring that CMS remains at the cutting edge of the Print and Mail sector. The work is a long-term project; we have however already achieved a lot within the last 12 months. The result will enable us to become a leaner organisation and vastly more efficient. The market has continued to be challenging; however, casualties have resulted in further opportunities for us; whilst unprofitable businesses have failed to survive along with other businesses running out of cash. Adding value and providing the best service has also set us apart. We are well under way now with our journey towards full environmental sustainability whilst reducing our carbon footprint and working towards net zero.
Travel and retail have continued to be growth markets for us. The continued investment has seen significant growth in production and growth of output over the last fiscal year.
Paper wrapping is still our main service with all 5 lines in constant use. However, we have been surprised by the continuing high demand for polythene and envelope work, justifying the Board’s commitment to retain all these services in house.
Staff wise we have some challenges with staff retention and finding skilled labour locally once again remains an ongoing issue. However, we have invested in the Apprentice Scheme and trained / upskilled new employees from scratch and we will continue this.
We are still working to improve efficiency and procurement. We have had a strong trading year, despite a tough market, our experienced sales team have driven the growth and met projections for our financial year.
Principal risks and uncertainties
The group is exposed to risks and uncertainties which could impact its financial performance. The Directors apply their considerable experience and skills in the trade to balance risk against business opportunities. The government decisions have made business challenging for all sectors; this has resulted in survival of the fittest. Our strong balance sheet, experience and talent have resulted in the business being able to ride the storm.
Impact of Brexit related risks
The group uses KPI’s to monitor and measure performance. These include monitoring of sales, EBITDA and profit before tax as well as more detailed KPI’s such as sales margins and service standard.
Turnover for the year has increased by 6.99% from £17.06M to £18.25M which generated an operating profit of £582k compared to £230k last year.
Approved and authorised by the
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MC Corp Limited
Directors' Report for the Year Ended 30 April 2025
The directors present their report and the for the year ended 30 April 2025.
Directors of the group
The directors who held office during the year were as follows:
Dividends
The total distribution of dividends for the year ended 30 April 2025 will be £196,000 (2024 - £200,000).
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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......................................... |
MC Corp Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MC Corp Limited
Independent Auditor's Report to the Members of MC Corp Limited
Opinion
We have audited the financial statements of MC Corp Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
MC Corp Limited
Independent Auditor's Report to the Members of MC Corp Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
MC Corp Limited
Independent Auditor's Report to the Members of MC Corp Limited
We identify and assess risks of material mistatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material mistatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;
- the nature of the industry, control environment and business performance;
- results of our enquiries of management about their own idenficiation and assessment of the risks of irregularities;
- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws and regulations we considered in this context included the Companie Act 2006.
As a result of these procedures we considered the opportunities that may exist within the organisation for fraud resulting in material misstatement in the financial statements. We considered that any mitgated by the fact that the company is under the close control of its directors.
Our procedure to arrive at this conclusion included the following:
- reviewing balance sheet control accounts to ensure properly reconciled;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- enquiring with management concerning actual and potential litigation claims.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our 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 auditor’s 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
Great Barr
Birmingham
West Midlands
B43 6AY
MC Corp Limited
Consolidated Profit and Loss Account for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
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Other operating income |
|
|
|
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Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
119,348 |
3,983 |
||
|
Profit before tax |
|
|
|
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Tax on profit |
|
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
MC Corp Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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MC Corp Limited
(Registration number: 09106019)
Consolidated Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
|
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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|
Share premium reserve |
1,570,788 |
1,570,788 |
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|
Capital redemption reserve |
30 |
30 |
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Retained earnings |
3,941,529 |
3,356,417 |
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|
Equity attributable to owners of the company |
5,512,447 |
4,927,335 |
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Shareholders' funds |
5,512,447 |
4,927,335 |
Approved and authorised by the
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MC Corp Limited
(Registration number: 09106019)
Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Investments |
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Current assets |
|||
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Debtors |
|
- |
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Share premium reserve |
1,570,788 |
1,570,788 |
|
|
Capital redemption reserve |
30 |
30 |
|
|
Retained earnings |
4,047,874 |
3,592,174 |
|
|
Shareholders' funds |
5,618,792 |
5,163,092 |
The company made a profit after tax for the financial year of £651,700 (2024 - profit of £534,442).
Approved and authorised by the
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MC Corp Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
|
|
At 1 May 2024 |
|
|
|
|
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Profit for the year |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
|
New share capital subscribed |
|
- |
- |
- |
|
At 30 April 2025 |
|
|
|
|
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Total |
Total equity |
|
|
At 1 May 2024 |
|
|
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Profit for the year |
|
|
|
Dividends |
( |
( |
|
New share capital subscribed |
|
|
|
At 30 April 2025 |
|
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MC Corp Limited
Statement of Changes in Equity for the Year Ended 30 April 2025
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
|
|
At 1 May 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
|
At 30 April 2025 |
|
|
|
|
|
Total |
|
|
At 1 May 2024 |
|
|
Profit for the year |
|
|
Dividends |
( |
|
At 30 April 2025 |
|
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
|
|
At 1 May 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
|
At 30 April 2024 |
100 |
1,570,788 |
30 |
3,592,174 |
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Total |
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At 1 May 2023 |
|
|
Profit for the year |
|
|
Dividends |
( |
|
At 30 April 2024 |
5,163,092 |
MC Corp Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2025
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Note |
2025 |
(As restated) |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Loss/(profit) on disposal of tangible assets |
|
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
|
|
|
Other financial liabilities |
(111,000) |
711,000 |
|
|
|
|
||
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
|
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
|
- |
|
|
Repayment of other borrowing |
( |
( |
|
|
Payments to finance lease creditors |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 May |
|
|
|
|
Cash and cash equivalents at 30 April |
5,032,740 |
4,989,485 |
|
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates.
In this regard, the directors believe that there are no critical accounting policies where judgements or estimations are necessarily applied in the financial statements.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Basis of consolidation
The consolidated financial statements incorporate the results of MC Corp Limited and its subsidiary undertaking, Central Mailing Services Limited. The results of the subsidiary undertaking are included from the date of acquisition and have been accounted for under the acquisition method.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer. This is usually at the point that the goods are delivered to the customer.
Government grants
Grants have been received as compensation for costs already incurred or for immediate financial support, with no future related costs, these have been recognised as income in the period it was received.
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.
Financial instruments
Classification
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 ‘
Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the
instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or
to realise the asset and settle the liability simultaneously.
Impairment
impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If
an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of
the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is
recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed
what the carrying amount would have been, had the impairment not previously been recognised. The
impairment reversal is recognised in profit or loss.
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Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
(Loss)/gain on disposal of tangible assets |
( |
|
|
Operating profit |
Arrived at after charging/(crediting)
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
|
Auditor's remuneration - The audit of the company's annual accounts |
10,000 |
6,000 |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
168,609 |
149,053 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
|
Tax decrease from other tax effects |
( |
- |
|
Total tax (credit)/charge |
( |
|
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
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At 1 May 2024 |
|
|
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At 30 April 2025 |
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|
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Amortisation |
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At 1 May 2024 |
|
|
|
Amortisation charge |
|
|
|
At 30 April 2025 |
|
|
|
Carrying amount |
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At 30 April 2025 |
- |
- |
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At 30 April 2024 |
|
|
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Tangible assets |
Group
|
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
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Cost or valuation |
|||||
|
At 1 May 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
( |
( |
( |
|
|
At 30 April 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 May 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
|
At 30 April 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
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At 30 April 2025 |
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|
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At 30 April 2024 |
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Total |
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Cost or valuation |
|||||
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At 1 May 2024 |
|
||||
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Additions |
|
||||
|
Disposals |
( |
||||
|
At 30 April 2025 |
|
||||
|
Depreciation |
|||||
|
At 1 May 2024 |
|
||||
|
Charge for the year |
|
||||
|
Eliminated on disposal |
( |
||||
|
At 30 April 2025 |
|
||||
|
Carrying amount |
|||||
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At 30 April 2025 |
|
||||
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At 30 April 2024 |
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MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Included within the net book value of land and buildings above is £92,769 (2024 - £130,923) in respect of long leasehold land and buildings.
|
Plant & machinery |
|
|
COST |
|
|
Right of use assets b/fwd |
423,000 |
|
Right of use assets additions at cost |
- |
|
At 30 April 2025 |
423,000 |
|
DEPRECIATION |
|
|
Right of use assets accumulated depreciation b/fwd |
204,188 |
|
Right of use assets depreciation charge |
54,703 |
|
At 30 April 2025 |
258,891 |
|
NET BOOK VALUE |
|
|
At 30 April 2025 |
164,109 |
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At 30 April 2024 |
218,812 |
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
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|
Subsidiary undertakings |
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Units 59-60 Gravelly Industrial Park, Tyburn Road, Erdington, Birmingham B24 8TQ |
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|
|
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United Kingdom |
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Subsidiary undertakings
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
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Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 April 2025 |
|
|
At 30 April 2024 |
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Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Other inventories |
|
|
- |
- |
|
|
|
- |
- |
|
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Debtors |
|
Group |
Company |
||||
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Current |
Note |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
|
- |
- |
- |
|
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Other debtors |
|
|
|
- |
|
|
Prepayments |
|
|
- |
- |
|
|
Deferred tax assets |
|
|
- |
- |
|
|
|
|
|
- |
||
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Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
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Creditors |
|
Group |
Company |
||||
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Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
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Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
|
- |
|
|
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other payables |
|
|
- |
( |
|
|
Accruals |
|
|
- |
|
|
|
Income tax liability |
- |
19,935 |
- |
19,935 |
|
|
|
|
|
|
||
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Due after one year |
|||||
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Loans and borrowings |
|
|
- |
- |
|
|
Other financial liabilities |
|
|
- |
- |
|
|
|
|
- |
- |
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MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
95 |
|
95 |
|
|
|
5 |
|
5 |
|
|
|
|
|
|
|
Reserves |
Group
|
Note |
Retained earnings |
Share premium |
Capital redemption reserve |
Totals |
|
|
At 1 May 2024 |
3,356,418 |
1,570,788 |
30 |
4,927,236 |
|
|
Profit for the year |
781,112 |
- |
- |
781,112 |
|
|
Dividends |
(196,000) |
- |
- |
(196,000) |
|
|
At 30 April 2025 |
3,941,530 |
1,570,788 |
30 |
5,512,348 |
Company
|
Note |
Retained earnings |
Share premium |
Capital redemption reserve |
Totals |
|
|
At 1 May 2024 |
3,592,173 |
1,570,788 |
30 |
5,162,991 |
|
|
Profit for the year |
651,699 |
- |
- |
651,699 |
|
|
Dividends |
(196,000) |
- |
- |
(196,000) |
|
|
At 30 April 2025 |
4,047,872 |
1,570,788 |
30 |
5,618,690 |
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other borrowings |
|
|
- |
- |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other borrowings |
|
|
- |
- |
|
Leasing agreements |
Group
Hire purchase contracts
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Individual Income Statement |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.
|
Dividends |
MC Corp Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
2025 |
2024 |
|
|
Final dividends paid |
||
|
Final dividend of £1.00 (2024 - £1.00) per ordinary share |
196,000 |
200,000 |
|
196,000 |
200,000 |
|
Secured Debts |
The following secured debts are included within creditors:
|
2025 |
2024 |
|
|
Other loans 1 - under 1yr |
491,676 |
505,214 |
|
Other loan 1 (2-5 yrs) |
675,253 |
884,104 |
|
1,166,929 |
1,389,318 |
|
Analysis of changes in net debt |
Group
|
At 1 May 2024 |
Changes in market value |
At 30 April 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
4,989,485 |
43,256 |
5,032,741 |
|
Borrowings |
|||
|
Finance leases |
(1,389,317) |
222,388 |
(1,166,929) |
|
|
|||
|
|
265,644 |
|
|
|
Related party transactions |
At 30 April 2025 the group owed £8,999 (2024 - £51,843) to the directors.
Within the year £80,464 (2024: £78,829) was paid as sponsorship to Total Trouble Racing Ltd, a company for which Richard Morrow is also a director.