MAC Tracks Ltd 06444166 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the wholesale of agricultural machinery Digita Accounts Production Advanced 6.30.9574.0 true true 06444166 2022-04-01 2023-03-31 06444166 2023-03-31 06444166 bus:OrdinaryShareClass1 2023-03-31 06444166 core:RetainedEarningsAccumulatedLosses 2023-03-31 06444166 core:ShareCapital 2023-03-31 06444166 core:FinanceLeases core:CurrentFinancialInstruments 2023-03-31 06444166 core:FinanceLeases core:Non-currentFinancialInstruments 2023-03-31 06444166 core:CurrentFinancialInstruments 2023-03-31 06444166 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06444166 core:Non-currentFinancialInstruments 2023-03-31 06444166 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06444166 core:LandBuildings 2023-03-31 06444166 core:OtherPropertyPlantEquipment 2023-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-31 06444166 1 2023-03-31 06444166 2 2023-03-31 06444166 bus:SmallEntities 2022-04-01 2023-03-31 06444166 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06444166 bus:FullAccounts 2022-04-01 2023-03-31 06444166 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06444166 bus:RegisteredOffice 2022-04-01 2023-03-31 06444166 bus:Director1 2022-04-01 2023-03-31 06444166 bus:Director2 2022-04-01 2023-03-31 06444166 bus:Director3 2022-04-01 2023-03-31 06444166 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06444166 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06444166 core:LandBuildings 2022-04-01 2023-03-31 06444166 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 06444166 core:PlantMachinery 2022-04-01 2023-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-01 2023-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2022-04-01 2023-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2022-04-01 2023-03-31 06444166 1 2022-04-01 2023-03-31 06444166 2 2022-04-01 2023-03-31 06444166 countries:EnglandWales 2022-04-01 2023-03-31 06444166 2022-03-31 06444166 core:LandBuildings 2022-03-31 06444166 core:OtherPropertyPlantEquipment 2022-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-31 06444166 2021-04-01 2022-03-31 06444166 2022-03-31 06444166 bus:OrdinaryShareClass1 2022-03-31 06444166 core:RetainedEarningsAccumulatedLosses 2022-03-31 06444166 core:ShareCapital 2022-03-31 06444166 core:FinanceLeases core:CurrentFinancialInstruments 2022-03-31 06444166 core:FinanceLeases core:Non-currentFinancialInstruments 2022-03-31 06444166 core:CurrentFinancialInstruments 2022-03-31 06444166 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06444166 core:Non-currentFinancialInstruments 2022-03-31 06444166 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 06444166 core:LandBuildings 2022-03-31 06444166 core:OtherPropertyPlantEquipment 2022-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-31 06444166 1 2022-03-31 06444166 2 2022-03-31 06444166 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-04-01 2022-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2021-04-01 2022-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2021-04-01 2022-03-31 06444166 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

MAC Tracks Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

Registration number: 06444166

 

MAC Tracks Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

MAC Tracks Ltd

Company Information

Directors

Mr A Luscombe

Mr C J Luscombe

Mr M D Luscombe

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Paul Steele Limited
18 Newport Street
Tiverton
Devon
EX16 6NL

 

MAC Tracks Ltd

(Registration number: 06444166)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

622,220

602,279

Current assets

 

Stocks

5

392,200

425,650

Debtors

6

106,308

92,650

Cash at bank and in hand

 

3,194

-

 

501,702

518,300

Creditors: Amounts falling due within one year

7

(444,008)

(396,045)

Net current assets

 

57,694

122,255

Total assets less current liabilities

 

679,914

724,534

Creditors: Amounts falling due after more than one year

7

(355,161)

(426,819)

Provisions for liabilities

(46,053)

(40,889)

Net assets

 

278,700

256,826

Capital and reserves

 

Called up share capital

8

3

3

Profit and loss account

278,697

256,823

Shareholders' funds

 

278,700

256,826

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

MAC Tracks Ltd

(Registration number: 06444166)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2023 and signed on its behalf by:
 

.........................................
Mr C J Luscombe
Director

.........................................
Mr M D Luscombe
Director

 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

These financial statements were authorised for issue by the Board on 26 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants have been recognised in income when they are received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

333,455

296,153

629,608

Additions

13,439

28,000

41,439

At 31 March 2023

346,894

324,153

671,047

Depreciation

At 1 April 2022

-

27,329

27,329

Charge for the year

-

21,498

21,498

At 31 March 2023

-

48,827

48,827

Carrying amount

At 31 March 2023

346,894

275,326

622,220

At 31 March 2022

333,455

268,824

602,279

Included within the net book value of land and buildings above is £346,894 (2022 - £333,455) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

392,200

425,650

 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

103,323

60,012

Other debtors

2,985

32,638

 

106,308

92,650

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

179,155

258,615

Trade creditors

 

34,194

126,333

Taxation and social security

 

972

590

Other creditors

 

229,687

10,507

 

444,008

396,045

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £77,324 (2022 - £118,342).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

355,161

426,819

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £162,345 (2022 - £199,818).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         
 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

64,814

79,156

Finance lease liabilities

119,074

151,129

Other borrowings

171,273

196,534

355,161

426,819

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,774

17,148

Bank overdrafts

-

23,016

Finance lease liabilities

71,674

89,377

Other borrowings

91,707

129,074

179,155

258,615

Bank borrowings

Lloyds Loan is denominated in £GBP with a nominal interest rate of 4%, and the final instalment is due on 16 December 2029. The carrying amount at year end is £48,921 (2022 - £54,638).

The loan is secured on the yard, which is owned by the company.

Bounce back loan is denominated in £GBP with a nominal interest rate of 2.5%, and the final instalment is due on 1 April 2026. The carrying amount at year end is £31,667 (2022 - £41,667).

The loan is secured by the government backed guarantee.

Other borrowings

Funding Circle Loan is denominated in £GBP with a nominal interest rate of 8.6%, and the final instalment is due on 28 February 2028. The carrying amount at year end is £206,779 (2022 - £238,407).

No security pledged.

 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £5,000.00 (2022 - £7,000.00) per each Ordinary shares

 

5,000

 

7,000

         

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

33,036

30,000

Contributions paid to money purchase schemes

900

900

33,936

30,900

Summary of transactions with entities with joint control or significant interest

Devon Plant Services Limited
 (a company in which C J Luscombe is a director and significant shareholder)
 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Sale of goods

253,298

2022

£

Sale of goods

55,846

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Purchase of goods

67,109

Rendering of services

10,000

77,109

 

MAC Tracks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2022

£

Purchase of goods

138,676

Rendering of services

10,000

148,676

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

Advanced

7,908

7,908

At end of period

7,908

7,908

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

4,710

4,710

Advanced

364,008

364,008

Repaid

(365,718)

(365,718)

At end of period

3,000

3,000

2022

£

At start of period

5,319

Advanced

315,847

Repaid

(316,456)

At end of period

4,710