Registered number
07330510
Mac Tools Limited
Unaudited Filleted Accounts
For the Year Ended
31 July 2023
Mac Tools Limited
Registered number: 07330510
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 69,058 74,667
Current assets
Stocks 9,750 9,750
Debtors 4 36,000 37,828
Cash at bank and in hand 58,937 112,462
104,687 160,040
Creditors: amounts falling due within one year 5 (167,390) (181,416)
Net current liabilities (62,703) (21,376)
Total assets less current liabilities 6,355 53,291
Creditors: amounts falling due after more than one year 6 - (36,461)
Provisions for liabilities (5,360) (6,180)
Net assets 995 10,650
Capital and reserves
Called up share capital 100 100
Profit and loss account 895 10,550
Shareholders' funds 995 10,650
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S A Edmondson
Director
Approved by the board on 25 March 2024
Mac Tools Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Motor vehicles 25% reducing balance
Plant and machinery 10% reducing balance
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 49,489 47,197 11,417 108,103
At 31 July 2023 49,489 47,197 11,417 108,103
Depreciation
At 1 August 2022 7,340 18,329 7,767 33,436
Charge for the year 1,293 3,403 913 5,609
At 31 July 2023 8,633 21,732 8,680 39,045
Net book value
At 31 July 2023 40,856 25,465 2,737 69,058
At 31 July 2022 42,149 28,868 3,650 74,667
4 Debtors 2023 2022
£ £
Trade debtors 36,000 36,804
Other debtors - 1,024
36,000 37,828
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,000 9,606
Trade creditors 18,565 35,036
Taxation and social security costs 18,994 28,059
Other creditors 125,831 108,715
167,390 181,416
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 36,461
7 Other information
Mac Tools Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lynn Garth
Gillinggate
Kendal
Cumbria
LA9 4JB
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