M_C_SQUARED_LIMITED - Accounts

M C SQUARED LIMITED - Company Information

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Company Registration No. 02808184 (England and Wales)

M C SQUARED LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2015

M C SQUARED LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

M C SQUARED LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

2,791

2,520

Investments

100

2,891

2,520

Current assets

Stocks

5,411

18,616

Debtors

31,540

75,214

Cash at bank and in hand

47,513

47,214

84,464

141,044

Creditors: amounts falling due within one year

(31,162)

(109,888)

Net current assets

53,302

31,156

Total assets less current liabilities

56,193

33,676

Provisions for liabilities

(558)

(504)

55,635

33,172

Capital and reserves

Called up share capital

678

Other reserves

324

Profit and loss account

54,633

32,170

Shareholders' funds

55,635

33,172

M C SQUARED LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2015

- 2 -

For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 February 2016

P K Barnett

Director

Company Registration No. 02808184

M C SQUARED LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

In the respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

Between 20% and 25% on cost

Fixtures, fittings & equipment

20% per annum on cost

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Stock and work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

M C SQUARED LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2015

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 June 2014

38,675

1,050

39,725

Additions

1,176

100

1,276

Disposals

(1,910)

(1,050)

(2,960)

At 31 May 2015

37,941

100

38,041

Depreciation

At 1 June 2014

36,155

On disposals

(1,906)

(1,050)

(2,956)

Charge for the year

901

1,050

1,951

At 31 May 2015

35,150

Net book value

At 31 May 2015

2,791

100

2,891

At 31 May 2014

2,520

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

The Linen Room Limited

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2015

Principal activity

The Linen Room Limited

Dormant

On 5 March 2015, M C Squared Limited acquired 100% of the share capital of The Linen Room Limited.

On the 21 October 2014 M C Management Limited was dissolved and the investment was disposed off.

M C SQUARED LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2015

- 5 -

Share capital

2015

2014

Allotted, called up and fully paid

678 Ordinary shares of £1 each

678

Control

The company is controlled by the director P K Barnett.

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

P K Barnett - Loan provided from company

3.00

116

15,017

192

14,556

769

116

15,017

192

14,556

769

The maximum P K Barnett was overdrawn in the year was £13,765.