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COMPANY REGISTRATION NUMBER: 09107158
MACOI Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
MACOI Limited
Financial Statements
Year ended 31 December 2021
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
MACOI Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
D Griffin
Mrs J Read
Mrs S L Smith
REGISTERED OFFICE
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Barclays Bank Plc
41 High Street
St Neots
Cambs
PE19 1AS
MACOI Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
3,944
7,014
Current assets
Stocks
42,962
39,123
Debtors
6
136,248
156,975
Cash at bank and in hand
2,811
9,477
---------
---------
182,021
205,575
Creditors: amounts falling due within one year
7
229,939
217,276
---------
---------
Net current liabilities
47,918
11,701
--------
--------
Total assets less current liabilities
( 43,974)
( 4,687)
Creditors: amounts falling due after more than one year
8
39,167
50,000
--------
--------
Net liabilities
( 83,141)
( 54,687)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 83,241)
( 54,787)
--------
--------
Shareholders deficit
( 83,141)
( 54,687)
--------
--------
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 Section 1A of 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 31 December 2021 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 .
MACOI Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 12 May 2022 , and are signed on behalf of the board by:
D Griffin
Director
Company registration number: 09107158
MACOI Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambridgeshire, PE28 0LQ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. During the year the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business and the situation is being regularly reviewed. The directors are mindful of the significant ongoing support being offered by the UK Government, and of the ongoing financial support being provided by associated companies and other loans. They have concluded that, with this continued support, the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Revenue recognition
The turnover shown in the Statement of Income and Retained Earnings represents the goods and services supplied during the period, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% reducing balance
Stocks
Goods for resale have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
Government grants
Government grants are recognised using the accrual model. Grants receivable under the Coronavirus Job Retention Scheme are recognised in the period in which the company recognised the related staffing costs for which the grant is intended to compensate. Other discretionary grants, which do not have specified performance-related criteria, are recognised when they are received.
Defined contribution pension plans
The company makes contributions to defined contribution pension schemes for the benefit of directors and employees. The assets of the schemes are held separately from those of the company. The contributions due for the period are charged to the Statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2021
22,145
28,818
50,963
Disposals
( 8,000)
( 8,000)
--------
--------
--------
At 31 December 2021
22,145
20,818
42,963
--------
--------
--------
Depreciation
At 1 January 2021
21,640
22,309
43,949
Charge for the year
505
1,035
1,540
Disposals
( 6,470)
( 6,470)
--------
--------
--------
At 31 December 2021
22,145
16,874
39,019
--------
--------
--------
Carrying amount
At 31 December 2021
3,944
3,944
--------
--------
--------
At 31 December 2020
505
6,509
7,014
--------
--------
--------
6. Debtors
2021
2020
£
£
Trade debtors
33,141
69,818
Amounts owed by group undertakings and undertakings in which the company has a participating interest
83,152
84,090
Other debtors
19,955
3,067
---------
---------
136,248
156,975
---------
---------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
Trade creditors
70,780
51,012
Amounts owed to group undertakings and undertakings in which the company has a participating interest
131,714
158,606
Social security and other taxes
667
451
Other creditors
16,778
7,207
---------
---------
229,939
217,276
---------
---------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
39,167
50,000
--------
--------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme.
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2021
2020
£
£
Recognised in other operating income:
Government grants recognised directly in income
7,589
10,072
-------
--------
10. Related party transactions
In May 2020 the company received a £50,000 loan from Centree Installations Limited, a fellow subsidiary of C.O.I. Properties Limited. No interest was paid for the first 12 months, but interest totalling £696 has been paid in the period May to December 2021, along with repayments totalling £5,833. At the reporting date, £44,167 was due to Centree Installations Limited and the loan is repayable on demand.
11. Controlling party
The company's parent undertaking is C.O.I. Properties Limited, a company incorporated in England and Wales and whose Registered Office address is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.