MacRail Systems Limited 04161609 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is to provide site access control services and software to regulated industries. Digita Accounts Production Advanced 6.30.9574.0 true false 04161609 2022-04-01 2023-03-31 04161609 2023-03-31 04161609 core:RetainedEarningsAccumulatedLosses 2023-03-31 04161609 core:CurrentFinancialInstruments 2023-03-31 04161609 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04161609 core:MotorVehicles 2023-03-31 04161609 core:PlantMachinery 2023-03-31 04161609 bus:SmallEntities 2022-04-01 2023-03-31 04161609 bus:Audited 2022-04-01 2023-03-31 04161609 bus:FullAccounts 2022-04-01 2023-03-31 04161609 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04161609 bus:RegisteredOffice 2022-04-01 2023-03-31 04161609 bus:Director1 2022-04-01 2023-03-31 04161609 bus:Director2 2022-04-01 2023-03-31 04161609 bus:Director4 2022-04-01 2023-03-31 04161609 bus:Director9 2022-04-01 2023-03-31 04161609 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04161609 core:MotorVehicles 2022-04-01 2023-03-31 04161609 core:PlantMachinery 2022-04-01 2023-03-31 04161609 1 2022-04-01 2023-03-31 04161609 countries:EnglandWales 2022-04-01 2023-03-31 04161609 2022-03-31 04161609 core:MotorVehicles 2022-03-31 04161609 core:PlantMachinery 2022-03-31 04161609 2021-04-01 2022-03-31 04161609 2022-03-31 04161609 core:RetainedEarningsAccumulatedLosses 2022-03-31 04161609 core:CurrentFinancialInstruments 2022-03-31 04161609 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04161609 core:MotorVehicles 2022-03-31 04161609 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04161609

MacRail Systems Limited

Financial Statements

for the Year Ended 31 March 2023

 

MacRail Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

MacRail Systems Limited

Company Information

Directors

P A Munnelly

P D Munnelly

C H Peach

A M Crago

Registered office

Munnelly House
84-88 Pinner Road
Harrow
HA1 4LP

Auditors

Landmark Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

MacRail Systems Limited

(Registration number: 04161609)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£ 000

£ 000

£ 000

£ 000

Fixed assets

   

 

Tangible assets

4

 

46

 

54

Current assets

   

 

Debtors

5

1,501

 

1,285

 

Cash at bank and in hand

 

154

 

125

 

 

1,655

 

1,410

 

Creditors: Amounts falling due within one year

6

(373)

 

(337)

 

Net current assets

   

1,282

 

1,073

Total assets less current liabilities

   

1,328

 

1,127

Provisions for liabilities

 

(5)

 

(7)

Net assets

   

1,323

 

1,120

Capital and reserves

   

 

Profit and loss account

1,323

 

1,120

 

Total equity

   

1,323

 

1,120

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 22 November 2023 and signed on its behalf by:
 

.........................................
P A Munnelly
Director

 

MacRail Systems Limited

Notes to the 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:
Munnelly House
84-88 Pinner Road
Harrow
HA1 4LP

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 presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £'000.

Summary of disclosure exemptions

The company has taken advantage of the exemption under FRS 102 Section 1A not to disclose transactions with 100% wholly owned subsidiaries within the same group..

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 November 2023 was Philip Cole, who signed for and on behalf of Landmark Audit Limited.

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 are recognised where there is a reasonable assurance that the grant will be received and the entity will comply with the conditions attached to them.

 

MacRail Systems Limited

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

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.

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

33% per annum straight line

Motor vehicles

25% per annum reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

MacRail Systems Limited

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

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

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.

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.

 

MacRail Systems Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 26).

4

Tangible assets

Plant and machinery
£ 000

Motor vehicles
 £ 000

Total
£ 000

Cost or valuation

At 1 April 2022

81

172

253

Additions

14

-

14

At 31 March 2023

95

172

267

Depreciation

At 1 April 2022

72

127

199

Charge for the year

11

11

22

At 31 March 2023

83

138

221

Carrying amount

At 31 March 2023

12

34

46

At 31 March 2022

9

45

54

 

MacRail Systems Limited

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

5

Debtors

Current

2023
£ 000

2022
£ 000

Trade debtors

634

522

Amounts owed by related parties

830

733

Prepayments

37

30

 

1,501

1,285

6

Creditors

2023
£ 000

2022
£ 000

Due within one year

Loans and borrowings

-

2

Trade creditors

62

48

Amounts owed to group undertakings and undertakings in which the company has a participating interest

65

29

Taxation and social security

126

147

Other creditors

120

111

373

337

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £44,000 (2022 - £64,000).

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £2,000 (2022 - £4,000).

 

MacRail Systems Limited

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

8

Parent and ultimate parent undertaking

The company's immediate parent is Munnelly Group Limited, incorporated in England and Wales.

 

The parent of the smallest group in which these financial statements are consolidated is Munnelly Group Limited.

The address of Munnelly Group Limited is:
Munnelly House
84-88 Pinner Road
Harrow
HA1 4LP