Mack Homes Limited 07058940 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true true 07058940 2022-03-01 2023-02-28 07058940 2023-02-28 07058940 core:RetainedEarningsAccumulatedLosses 2023-02-28 07058940 core:ShareCapital 2023-02-28 07058940 core:CurrentFinancialInstruments 2023-02-28 07058940 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07058940 bus:SmallEntities 2022-03-01 2023-02-28 07058940 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07058940 bus:FullAccounts 2022-03-01 2023-02-28 07058940 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07058940 bus:RegisteredOffice 2022-03-01 2023-02-28 07058940 bus:Director1 2022-03-01 2023-02-28 07058940 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07058940 core:PlantMachinery 2022-03-01 2023-02-28 07058940 countries:EnglandWales 2022-03-01 2023-02-28 07058940 2021-03-01 2022-02-28 07058940 2022-02-28 07058940 core:RetainedEarningsAccumulatedLosses 2022-02-28 07058940 core:ShareCapital 2022-02-28 07058940 core:CurrentFinancialInstruments 2022-02-28 07058940 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 07058940

Mack Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Mack Homes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Mack Homes Limited

(Registration number: 07058940)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12,658

18,494

Current assets

 

Stocks

4

750

-

Debtors

5

28,808

19,124

Cash at bank and in hand

 

6,432

3,996

 

35,990

23,120

Creditors: Amounts falling due within one year

6

(228,164)

(220,623)

Net current liabilities

 

(192,174)

(197,503)

Total assets less current liabilities

 

(179,516)

(179,009)

Provisions for liabilities

(2,405)

-

Net liabilities

 

(181,921)

(179,009)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(181,922)

(179,010)

Shareholders' deficit

 

(181,921)

(179,009)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2024
 

 

Mack Homes Limited

(Registration number: 07058940)
Balance Sheet as at 28 February 2023

.........................................
Mrs C Kirkbride
Director

 

Mack Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
31 Ivanhoe Way
Sprotbrough
Doncaster
South Yorkshire
DN5 8EA

These financial statements were authorised for issue by the director on 21 February 2024.

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 but for the reasons set out in the directors report this may not be appropriate.

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.

 

Mack Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

25% straight line basis

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.

 

Mack Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Stocks

2023
£

2022
£

Work in progress

750

-

 

Mack Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

2023
£

2022
£

Other debtors

19,696

19,093

Prepayments

9,112

31

28,808

19,124

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

2,565

185

Amounts owed to related parties

172,709

158,309

Corporation tax

 

718

8,187

Other creditors

 

50,802

52,452

Accrued expenses

 

1,370

1,490

 

228,164

220,623