MC353 Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 05481374

MC353 Limited

Filleted Unaudited Financial Statements

28 February 2017

MC353 Limited

Financial Statements

Year ended 28 February 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

MC353 Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of MC353 Limited

Year ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MC353 Limited for the year ended 28 February 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of MC353 Limited, as a body, in accordance with the terms of our engagement letter dated 25 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of MC353 Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MC353 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MC353 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MC353 Limited. You consider that MC353 Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of MC353 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CARSTON Chartered Accountants

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

24 November 2017

MC353 Limited

Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	4		556,649	556,649

Current assets

Debtors	5	175	165
Cash at bank and in hand		2,038	14,189
		-------	--------
		2,213	14,354

Creditors: amounts falling due within one year	6	123,987		124,052
		---------		---------
Net current liabilities			121,774	109,698
			---------	---------
Total assets less current liabilities			434,875	446,951

Creditors: amounts falling due after more than one year	7	352,171	352,171
		---------	---------
Net assets		82,704	94,780
		---------	---------

MC353 Limited

Statement of Financial Position (continued)

28 February 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	82,702	94,778
	--------	--------
Shareholders funds	82,704	94,780
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 November 2017 , and are signed on behalf of the board by:

Mr. J.D. Devonald

Director

Company registration number: 05481374

MC353 Limited

Notes to the Financial Statements

Year ended 28 February 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 56 Charles Street, Cardiff, CF10 2GG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Investments

	Other investments other than loans
	£
Cost
At 1 March 2016 and 28 February 2017	556,649
	---------
Impairment
At 1 March 2016 and 28 February 2017	–
	---------

Carrying amount
At 28 February 2017	556,649
	---------
At 29 February 2016	556,649
	---------

5. Debtors

	2017	2016
	£	£
Other debtors	175	165
	----	----

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	1,409	1,376
Other creditors	122,578	122,676
	---------	---------
	123,987	124,052
	---------	---------

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	352,171	352,171
	---------	---------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2017	2016
	£	£
Mr. J.D. Devonald	( 30,734)	( 30,734)
Mr. A.R. Evans	( 30,734)	( 30,734)
	--------	--------
	( 61,468)	( 61,468)
	--------	--------

9. Related party transactions

The company was under the control of the directors as disclosed on page 1 of the financial statements throughout the current and previous year. Mr. J.D. Devonald is the controlling director of Devestates Limited. As at 28 February 2017, the company owed Devestates Limited £29,167 (2016 - £29,167) Mr. A.R. Evans is the controlling director of Sagarmatha Properties Limited. As at 28 February 2017, the company owed Sagarmatha Properties Limited £29,166 (2016 - £29,166)

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

No transitional adjustments were required in equity or profit or loss for the year.