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Registration number: 11083692

Machman Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Machman Limited

(Registration number: 11083692)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

37,978

38,882

Current assets

 

Debtors

5

159,049

97,910

Cash at bank and in hand

 

18,031

90,360

 

177,080

188,270

Creditors: Amounts falling due within one year

6

(32,893)

(36,056)

Net current assets

 

144,187

152,214

Total assets less current liabilities

 

182,165

191,096

Provisions for liabilities

(9,495)

-

Net assets

 

172,670

191,096

Capital and reserves

 

Called up share capital

510

510

Profit and loss account

172,160

190,586

Shareholders' funds

 

172,670

191,096

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
Ms J M Harper
Director

 

Machman Limited

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: 7 Bower Road, Wrecclesham, Farnham, Surrey, GU10 4ST. England.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

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.

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.

 

Machman Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Improvements to property

2% on cost

Plant and machinery

25% on reducing balance

Computer equipment

Straight line over 3 years

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Machman Limited

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

4

Tangible assets

Improvements to property
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

38,527

1,689

2,276

42,492

Additions

-

-

1,032

1,032

At 31 March 2023

38,527

1,689

3,308

43,524

Depreciation

At 1 April 2022

1,676

853

1,081

3,610

Charge for the year

771

209

956

1,936

At 31 March 2023

2,447

1,062

2,037

5,546

Carrying amount

At 31 March 2023

36,080

627

1,271

37,978

At 31 March 2022

36,851

836

1,195

38,882

5

Debtors

2023
£

2022
£

Trade debtors

13,200

20,200

Other debtors

145,197

77,085

Prepayments

652

625

159,049

97,910

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

31,393

28,150

Accruals and deferred income

1,500

1,250

Other creditors

-

6,656

32,893

36,056

7

Related party transactions

At the balance sheet date a loan of £145,195 (2022: £75,000) existed within other debtors in respect of R Finn Ltd, a company which is under common control. The loan is unsecured, interest free and repayable on demand.