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Registered Number: 06964982
England and Wales

 

 

 

MACH ONE ENGINEERING LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023
Accountants report
You consider that the company is exempt from an audit for the year ended 31 July 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions,we have prepared the accounts which comprise the Income statement, statement of financial position, notes to the financial statements and detailed income statement from the accounting records of the company and on the basis of information and explanations you have given to us. We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Palmers Business Support Ltd
31 July 2023



....................................................
Palmers Business Support Ltd
Palmers Barn
Station Road, Long Marston
TRING
HP23 4QS
06 March 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 423,537    207,414 
423,537    207,414 
Current assets      
Stocks 139,445    115,544 
Debtors: amounts falling due within one year 125,254    148,229 
Cash at bank and in hand 9,679    3,835 
274,378    267,608 
Creditors: amount falling due within one year (316,579)   (286,938)
Net current liabilities (42,201)   (19,330)
 
Total assets less current liabilities 381,336    188,084 
Creditors: amount falling due after more than one year (217,859)   (151,873)
Provisions for liabilities (77,352)   (35,604)
Net assets 86,125    607 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 86,123    605 
Shareholder's funds 86,125    607 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 06 March 2024 and were signed on its behalf by:


-------------------------------
Christopher Bentley
Director
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General Information
Mach One Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 06964982, registration address Unit 2 Park Street Industrial Estate, Osier Way, Aylesbury, Buckinghamshire, HP20 1EB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme.Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold Property 20% Straight Line
Plant and Machinery 10% Reducing Balance
Fixtures and Fittings 20% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 15 (2022 : 13).
3.

Tangible fixed assets

Cost or valuation Leasehold Property   Plant and Machinery   Fixtures and Fittings   Total
  £   £   £   £
At 01 August 2022 10,865    497,871    5,387    514,123 
Additions   263,200      263,200 
Disposals      
At 31 July 2023 10,865    761,071    5,387    777,323 
Depreciation
At 01 August 2022 10,864    290,531    5,314    306,709 
Charge for year   47,053    24    47,077 
On disposals      
At 31 July 2023 10,864    337,584    5,338    353,786 
Net book values
Closing balance as at 31 July 2023 1    423,487    49    423,537 
Opening balance as at 01 August 2022 1    207,340    73    207,414 

The net book value of Plant and Machinery includes £ 407,504 (2022 £192,782) in respect of assets leased under finance leases or hire purchase contracts.

3