29 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 83,616 125,000 208,616 81,617 12,416 94,033 114,583 1,999 xbrli:pure xbrli:shares iso4217:GBP 2387568 2022-04-01 2023-03-31 2387568 2023-03-31 2387568 2022-03-31 2387568 2021-04-01 2022-03-31 2387568 2022-03-31 2387568 core:NetGoodwill 2022-04-01 2023-03-31 2387568 bus:Director1 2022-04-01 2023-03-31 2387568 core:NetGoodwill 2022-03-31 2387568 core:NetGoodwill 2023-03-31 2387568 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 2387568 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 2387568 core:PlantMachinery 2022-03-31 2387568 core:FurnitureFittings 2022-03-31 2387568 core:MotorVehicles 2022-03-31 2387568 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 2387568 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 2387568 core:PlantMachinery 2023-03-31 2387568 core:FurnitureFittings 2023-03-31 2387568 core:MotorVehicles 2023-03-31 2387568 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 2387568 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 2387568 core:PlantMachinery 2022-04-01 2023-03-31 2387568 core:FurnitureFittings 2022-04-01 2023-03-31 2387568 core:MotorVehicles 2022-04-01 2023-03-31 2387568 core:WithinOneYear 2023-03-31 2387568 core:WithinOneYear 2022-03-31 2387568 core:AfterOneYear 2023-03-31 2387568 core:AfterOneYear 2022-03-31 2387568 core:ShareCapital 2023-03-31 2387568 core:ShareCapital 2022-03-31 2387568 core:RevaluationReserve 2023-03-31 2387568 core:RevaluationReserve 2022-03-31 2387568 core:RetainedEarningsAccumulatedLosses 2023-03-31 2387568 core:RetainedEarningsAccumulatedLosses 2022-03-31 2387568 core:NetGoodwill 2022-03-31 2387568 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 2387568 core:PlantMachinery 2022-03-31 2387568 core:FurnitureFittings 2022-03-31 2387568 bus:SmallEntities 2022-04-01 2023-03-31 2387568 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 2387568 bus:FullAccounts 2022-04-01 2023-03-31 2387568 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 2387568 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 2387568
MAC-RK Precision Engineering Limited
Filleted Unaudited Financial Statements
31 March 2023
MAC-RK Precision Engineering Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
114,583
1,999
Tangible assets
6
5,024,321
4,929,534
------------
------------
5,138,904
4,931,533
Current assets
Stocks
1,563,420
1,245,840
Debtors
7
2,264,361
2,390,973
Cash at bank and in hand
86,975
106,738
------------
------------
3,914,756
3,743,551
Creditors: amounts falling due within one year
8
965,491
1,208,059
------------
------------
Net current assets
2,949,265
2,535,492
------------
------------
Total assets less current liabilities
8,088,169
7,467,025
Creditors: amounts falling due after more than one year
9
3,681,543
3,308,835
Provisions
Other provisions
10
463,000
463,000
------------
------------
Net assets
3,943,626
3,695,190
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
2,792,819
2,792,819
Profit and loss account
1,150,707
902,271
------------
------------
Shareholders funds
3,943,626
3,695,190
------------
------------
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 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 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 .
MAC-RK Precision Engineering Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:
R Sharma
Director
Company registration number: 2387568
MAC-RK Precision Engineering Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit A1, Bridge Road Industrial Estate, Bridge Road, Southall, Middx UB2 4AB.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over expected useful life
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
2 % p.a. straight line basis
Short leasehold property
-
Over term of lease
Plant and machinery
-
15 % p.a. straight line basis
Fixtures and fittings
-
15 % p.a. straight line basis
Motor vehicles
-
25 % p.a. straight line basis
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2022: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022
83,616
Additions
125,000
---------
At 31 March 2023
208,616
---------
Amortisation
At 1 April 2022
81,617
Charge for the year
12,416
---------
At 31 March 2023
94,033
---------
Carrying amount
At 31 March 2023
114,583
---------
At 31 March 2022
1,999
---------
6. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
5,388,217
5,000
1,224,625
189,687
43,522
6,851,051
Additions
104,680
28,400
61,079
194,159
Disposals
( 22,721)
( 22,721)
------------
-------
------------
---------
--------
------------
At 31 Mar 2023
5,388,217
5,000
1,329,305
218,087
81,880
7,022,489
------------
-------
------------
---------
--------
------------
Depreciation
At 1 Apr 2022
536,968
5,000
1,148,595
187,432
43,522
1,921,517
Charge for the year
36,704
42,357
5,041
15,270
99,372
Disposals
( 22,721)
( 22,721)
------------
-------
------------
---------
--------
------------
At 31 Mar 2023
573,672
5,000
1,190,952
192,473
36,071
1,998,168
------------
-------
------------
---------
--------
------------
Carrying amount
At 31 Mar 2023
4,814,545
138,353
25,614
45,809
5,024,321
------------
-------
------------
---------
--------
------------
At 31 Mar 2022
4,851,249
76,030
2,255
4,929,534
------------
-------
------------
---------
--------
------------
7. Debtors
2023
2022
£
£
Trade debtors
1,165,832
1,065,259
Other debtors
1,098,529
1,325,714
------------
------------
2,264,361
2,390,973
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
289,030
Trade creditors
614,285
570,824
Corporation tax
46,244
50,637
Social security and other taxes
44,191
90,926
Other creditors
260,771
206,642
---------
------------
965,491
1,208,059
---------
------------
The bank loans and overdrafts are secured by a fixed charge over the company's assets.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,636,206
3,278,835
Other creditors
45,337
30,000
------------
------------
3,681,543
3,308,835
------------
------------
The bank loans and overdrafts are secured by a fixed charge over the company's assets.
10. Provisions
Liabilities
£
At 1 April 2022 and 31 March 2023
463,000
---------
In accordance with the compliance obligations of the business, a risk was identified and a report undertaken in 2019 to assess the potential financial impact of the risk on the business. The amount was calculated based on then available facts and applicable legislation. The directors are committed to addressing the risk and plan to recalculate the risk on an annual basis and using their management judgement, adjust accordingly.