Company Registration No. 11351758 (England and Wales)
MCB Holdings Worldwide Limited
Unaudited financial statements
for the period ended 30 June 2019
Pages for filing with the Registrar
MCB Holdings Worldwide Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
MCB Holdings Worldwide Limited
Statement of financial position
As at 30 June 2019
Page 1
2019
Notes
€
€
Fixed assets
Intangible assets
3
673,524
Current assets
Debtors
4
951,043
Cash at bank and in hand
685,784
1,636,827
Creditors: amounts falling due within one year
5
(1,437,915)
Net current assets
198,912
Total assets less current liabilities
872,436
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
872,435
Total equity
872,436
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MCB Holdings Worldwide Limited
Statement of financial position (continued)
As at 30 June 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 6 May 2020 and are signed on its behalf by:
Herwig De Bruyne
Director
Company Registration No. 11351758
MCB Holdings Worldwide Limited
Notes to the financial statements
For the period ended 30 June 2019
Page 3
1
Accounting policies
Company information
MCB Holdings Worldwide Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
71 Queen Victoria Street, London, EC4V 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
euros
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements have been prepared for a period longer than a year because these are the first financial statements produced by the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Image rights licence
Over 4 years on a straight line
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MCB Holdings Worldwide Limited
Notes to the financial statements (continued)
For the period ended 30 June 2019
1
Accounting policies (continued)
Page 4
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MCB Holdings Worldwide Limited
Notes to the financial statements (continued)
For the period ended 30 June 2019
1
Accounting policies (continued)
Page 5
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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 future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MCB Holdings Worldwide Limited
Notes to the financial statements (continued)
For the period ended 30 June 2019
1
Accounting policies (continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. As at 3
0
June
201
9
, the closing exchange rate was GBP
1:1.
1169
EUR
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
3
Intangible fixed assets
Image rights licence
€
Cost
Additions
898,032
At 30 June 2019
898,032
Amortisation and impairment
Amortisation charged for the period
224,508
At 30 June 2019
224,508
Carrying amount
At 30 June 2019
673,524
MCB Holdings Worldwide Limited
Notes to the financial statements (continued)
For the period ended 30 June 2019
Page 7
4
Debtors
2019
Amounts falling due within one year:
€
Trade debtors
951,042
Other debtors
1
951,043
5
Creditors: amounts falling due within one year
2019
€
Trade creditors
119,811
Corporation tax
252,385
Other taxation and social security
163,219
Other creditors
902,500
1,437,915
6
Called up share capital
2019
€
Ordinary share capital
Issued and not fully paid
1 Ordinary share of £1 each
1
7
Related party transactions
As at 30 June 2019 othercreditors includes an outstanding balance of €898,032 owed to MCB Holdings Guernsey, of which Kevin de Bruyne is the ultimate controlling party.