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MC418 Limited |
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Financial Statements for the Year Ended 31 October 2016 |
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MC418 Limited |
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Financial Statements for the Year Ended 31 October 2016 |
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MC418 Limited |
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Company Information |
for the Year Ended 31 October 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Radnor House |
Greenwood Close |
Cardiff Gate Business Park |
Cardiff |
CF23 8AA |
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BANKERS: |
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Cardiff Business Centre |
Cardiff |
CF10 1DX |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
MC418 Limited |
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The following reproduces the text of the report prepared for the directors and members in |
respect of the company's annual unaudited financial statements. In accordance with the |
Companies Act 2006, the company is only required to file a Balance Sheet. Readers are |
cautioned that the Income Statement and certain other primary statements and the Report of |
the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
approval the financial statements of MC418 Limited for the year ended 31 October 2016 which |
comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's |
accounting records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of MC418 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MC418 Limited and state those matters that we have agreed to state to the Board of Directors of MC418 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MC418 Limited Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that MC418 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 profit of MC418 Limited. You consider that MC418 Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of MC418 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. |
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Chartered Accountants |
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MC418 Limited (Registered number: 06404253) |
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Balance Sheet |
31 October 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 2 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 3 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
4 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable reserve | ( |
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Retained earnings |
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SHAREHOLDERS' FUNDS | ( |
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MC418 Limited (Registered number: 06404253) |
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Balance Sheet - continued |
31 October 2016 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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MC418 Limited (Registered number: 06404253) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the invoiced value of rents received by the company, excluding value |
added tax. |
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Investment property |
Investment property has been revalued in accordance with the provisions of FRS 102. |
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2. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2015 |
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Revaluations | (200,000 | ) |
At 31 October 2016 |
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NET BOOK VALUE |
At 31 October 2016 |
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At 31 October 2015 |
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The property was revalued by Alder King Property Consultants on an open market value basis |
on 11 August 2016. |
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Cost or valuation at 31 October 2016 is represented by: |
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£ |
Valuation in 2015 | (179,203 | ) |
Valuation in 2016 | (200,000 | ) |
Cost | 1,779,203 |
1,400,000 |
MC418 Limited (Registered number: 06404253) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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3. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loan |
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Corporation tax |
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Other creditors |
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Amounts owed to related party | - | 211,061 |
Directors' loan accounts | 220,454 | 8,612 |
Accrued expenses |
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4. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loan |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank loans |
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MC418 Limited (Registered number: 06404253) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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6. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS 102. The last |
financial statements under previous UK GAAP were for the year ended 31 October 2015. The |
date of transition to FRS 102 was 1 November 2014. |
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As FRS 102 does not permit a revaluation reserve on investment property, the accumulated |
revaluation gains on the property have been attributed to a non-distributable reserve. Also, the |
investment property valuation for 2015 has been amended to reflect fair value. |
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Non-distributable reserve |
The restated figures are as follows:- | 2016 | 2015 |
£ | £ |
Original reserve brought forward | - | - |
Restatement at fair value in 2015 | (179,203 | ) | (179,203 | ) |
Revised non-distributable brought forward 2016 | (179,203 | ) | - |
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Revaluation 2016 | (200,000 | ) | - |
Non-distributable reserve carried forward | (379,203 | ) | (179,203 | ) |
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