M C Squared Limited - Accounts to registrar (filleted) - small 18.2
M C Squared Limited - Accounts to registrar (filleted) - small 18.2
| M C SQUARED LIMITED |
| Financial Statements |
| for the Year Ended 31 May 2021 |
| M C SQUARED LIMITED (REGISTERED NUMBER: 02808184) |
| Contents of the Financial Statements |
| for the year ended 31 May 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| M C SQUARED LIMITED |
| Company Information |
| for the year ended 31 May 2021 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| The Old Steppe House |
| Brighton Road |
| Godalming |
| Surrey |
| GU7 1NS |
| M C SQUARED LIMITED (REGISTERED NUMBER: 02808184) |
| Balance Sheet |
| 31 May 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Debtors | 6 |
| Cash at bank and in hand | 7 |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 9 |
| Capital redemption reserve |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| M C SQUARED LIMITED (REGISTERED NUMBER: 02808184) |
| Notes to the Financial Statements |
| for the year ended 31 May 2021 |
| 1. | Statutory information |
| M C Squared Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of the business, and is shown net of VAT and other sales related taxes. The fair value of the consideration takes into accounts trade discounts, settlement discounts and volume rebates. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured as cost and subsequently, measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Fixtures, fittings & equipment | 20% per annum on cost |
| Computer equipment | 20% per annum on cost |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
| Investments in subsidiaries |
| Interests in subsidiaries, are measured at cost and subsequently measured at cost less any accumulated impairment losses. |
| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| M C SQUARED LIMITED (REGISTERED NUMBER: 02808184) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2021 |
| 2. | Accounting policies - continued |
| Financial instruments |
| 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 in the company's balance sheet 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. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities |
| Basic financial liabilities, including debtors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price. |
| Equity Instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Taxation |
| The tax expense represents the sum of the tax currently payable and deferred tax. |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
| Deferred tax |
| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Leasing commitments |
| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
| Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| M C SQUARED LIMITED (REGISTERED NUMBER: 02808184) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2021 |
| 2. | Accounting policies - continued |
| Going concern |
| We have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. This view has been given due consideration to the impact of COVID-19 on the business, and is to the best of our knowledge based on the current circumstances.For this reason, we are continuing to adopt the going concern basis in preparing the financial statements. We have reached this conclusion having regard to circumstances that may occur during a period of at least one year from the date of this letter. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Plant and |
| machinery |
| etc |
| £ |
| Cost |
| At 1 June 2020 |
| Additions |
| At 31 May 2021 |
| Depreciation |
| At 1 June 2020 |
| Charge for year |
| At 31 May 2021 |
| Net book value |
| At 31 May 2021 |
| At 31 May 2020 |
| 5. | Fixed asset investments |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 June 2020 |
| and 31 May 2021 |
| Net book value |
| At 31 May 2021 |
| At 31 May 2020 |
| 6. | Debtors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| M C SQUARED LIMITED (REGISTERED NUMBER: 02808184) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2021 |
| 7. | Cash at bank and in hand |
| Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. |
| 8. | Creditors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary shares | 1 | 678 | 678 |