Company registration number SC473860 (Scotland)
MACVENT SM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MACVENT SM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MACVENT SM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
53,419
75,522
Cash at bank and in hand
10
9
53,429
75,531
Creditors: amounts falling due within one year
4
(49,791)
(65,446)
Net current assets
3,638
10,085
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
3,636
10,083
Total equity
3,638
10,085
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2023 and are signed on its behalf by:
MR A MCCARTNERY
Mr A McCartney
Director
Company Registration No. SC473860
MACVENT SM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Macvent SM Limited is a private company limited by shares incorporated in Scotland. The registered office is 20 Nimmo Drive, Glasgow, G51 3SX.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover is recognised when a service is delivered to the customer.
Unbilled work is recognised as turnover in accordance with FRS 102 and is included within debtors as amounts recoverable on contracts.
1.4
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.
1.5
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.6
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 profit and loss account 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.
1.7
Government grants
Government grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute.
MACVENT SM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,396
5,930
Other debtors
24,023
69,592
53,419
75,522
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11
3,287
Trade creditors
25,883
24,586
Taxation and social security
19,029
30,877
Other creditors
4,868
6,696
49,791
65,446
5
Related Party Disclosures
The directors of the company are also the members of Mac-Ventilation LLP. At the year end the company was owed £6,536 (2022: £23,776) from Mac-Ventilation LLP.