for the Period Ended 31 March 2020
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2020
Principal activities of the company
Directors
The directors shown below have held office during the whole of the period from
1 April 2019 to 31 March 2020
The director shown below has held office during the period of
1 April 2019 to 28 February 2020
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2020 | 2019 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Distribution costs: | | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | ( | |
Interest receivable and similar income: | | |
Interest payable and similar charges: | | |
Profit(or loss) before tax: | ( | |
Tax: | | |
Profit(or loss) for the financial year: | ( | |
As at
Notes | 2020 | 2019 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | 3 | | |
Tangible assets: | 4 | | |
Investments: | | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | | | |
Debtors: | 5 | | |
Cash at bank and in hand: | | | |
Investments: | | | |
Total current assets: | | | |
Prepayments and accrued income: | | | |
Creditors: amounts falling due within one year: | 6 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | | | |
Provision for liabilities: | | | |
Accruals and deferred income: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Other reserves: | | | |
Profit and loss account: | ( | ( | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2020
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Intangible fixed assets amortisation policy
Other accounting policies
for the Period Ended 31 March 2020
2020 | 2019 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 March 2020
Goodwill | Other | Total | |
---|---|---|---|
Cost | £ | £ | £ |
At 1 April 2019 | | | |
Additions | | | |
Disposals | | | |
Revaluations | | | |
Transfers | | | |
At 31 March 2020 | | | |
Amortisation | |||
At 1 April 2019 | | | |
Charge for year | | | |
On disposals | | | |
Other adjustments | | | |
At 31 March 2020 | | | |
Net book value | |||
At 31 March 2020 | | | |
At 31 March 2019 | | |
for the Period Ended 31 March 2020
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
At 1 April 2019 | | | | | | |
Additions | | | | | | |
Disposals | | | | ( | | ( |
Revaluations | | | | | | |
Transfers | | | | | | |
At 31 March 2020 | | | | | | |
Depreciation | ||||||
At 1 April 2019 | | | | | | |
Charge for year | | | | | | |
On disposals | | | | ( | | ( |
Other adjustments | | | | | | |
At 31 March 2020 | | | | | | |
Net book value | ||||||
At 31 March 2020 | | | | | | |
At 31 March 2019 | | | | | | |
for the Period Ended 31 March 2020
2020 | 2019 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
Debtors due after more than one year: | | |
for the Period Ended 31 March 2020
2020 | 2019 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |
Performance, impact of Covid-19 and Going Concern The business has performed well during the year. Both revenue and occupancy had increased significantly compared to the prior year. In mid-March 2020, the business started to be affected by the unfolding events surrounding the spread of Covid-19 in the UK. The ORTUS shut to the public on 20th March, and has remained closed to the public since. The primary concern has been the safety and wellbeing of our customers and the staff employed by Vacherin who work in the ORTUS. We also took action on a number of cost reduction initiatives, including working with Vacherin to furlough their ORTUS staff, and minimising running costs while the building is closed. While MCT has the support of its parent charity, MCT has a healthy cash balance and can afford both to remain closed for an extended period and/or to tolerate a reduction in revenue when it reopens without the need for cash injection from its parent charity. The size and flexibility of the offer at the ORTUS and the ongoing relationship with our primary customer leads us to believe that there will be demand for room hire as soon as it’s practicably safe to provide it. Therefore, while the situation is still evolving, the directors have strong evidence that MCT is a going concern.
No consultation with stakeholders
No remuneration was received
No transfer of assets other than for full consideration
This report was approved by the board of directors on
31 July 2020
And signed on behalf of the board by:
Name: Rebecca Gray
Status: Director