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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020 |
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MDCN LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020 |
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MDCN LIMITED |
MDCN LIMITED (REGISTERED NUMBER: 09564612) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MDCN LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
364-368 Cranbrook Road |
Gants Hill |
Ilford |
Essex |
IG2 6HY |
MDCN LIMITED (REGISTERED NUMBER: 09564612) |
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BALANCE SHEET |
30 APRIL 2020 |
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30.4.20 | 30.4.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The director acknowledges his 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. |
MDCN LIMITED (REGISTERED NUMBER: 09564612) |
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BALANCE SHEET - continued |
30 APRIL 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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MDCN LIMITED (REGISTERED NUMBER: 09564612) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
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1. | STATUTORY INFORMATION |
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Mdcn Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured as the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
MDCN LIMITED (REGISTERED NUMBER: 09564612) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern – covid19 |
The total current liabilities exceeds the total current assets of the company as at 30th April 2020. The director has confirmed that the company will have continuous support from the creditors. It is on this basis Accounts have been prepared on the going concern basis. |
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The company has been impacted by the Covid19 pandemic. The company had seen a fall in turnover after the year end and as a result undertaken other cost saving measures. |
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This has helped the company during this difficult time. The directors remain confident that turnover will return to normal level in the coming months. It is for these reasons the accounts have been prepared on a going concern basis." |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 May 2019 |
and 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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5. | STOCKS |
30.4.20 | 30.4.19 |
£ | £ |
Finished goods |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
MDCN LIMITED (REGISTERED NUMBER: 09564612) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.20 | 30.4.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the suture payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less and impairment. |
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8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 April 2020 and 30 April 2019: |
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30.4.20 | 30.4.19 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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