Company Registration No. 04517958 (England and Wales)
Mac Steels Limited
Unaudited accounts
for the year ended 31 July 2023
Mac Steels Limited
Unaudited accounts
Contents
Mac Steels Limited
Company Information
for the year ended 31 July 2023
Company Number
04517958 (England and Wales)
Registered Office
8 Orchard Close
Dosthill
Tamworth
Staffordshire
B77 1ND
United Kingdom
Accountants
Practical Accounting Limited
50 Ashby Road
Tamworth
Staffordshire
B79 8AD
Mac Steels Limited
Statement of financial position
as at 31 July 2023
Tangible assets
143,454
177,222
Cash at bank and in hand
119,326
24,643
Creditors: amounts falling due within one year
(230,260)
(147,388)
Net current assets
10,379
85,474
Total assets less current liabilities
153,833
262,696
Creditors: amounts falling due after more than one year
-
(7,890)
Provisions for liabilities
Deferred tax
(10,000)
(10,000)
Net assets
143,833
244,806
Called up share capital
50
100
Capital redemption reserve
50
-
Profit and loss account
143,733
244,706
Shareholders' funds
143,833
244,806
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 December 2023 and were signed on its behalf by
A McRoberts
Director
Company Registration No. 04517958
Mac Steels Limited
Notes to the Accounts
for the year ended 31 July 2023
Mac Steels Limited is a private company, limited by shares, registered in England and Wales, registration number 04517958. The registered office is 8 Orchard Close, Dosthill, Tamworth, Staffordshire, B77 1ND, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Tangible fixed assets policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery
25% on reducing balance and 15% on reducing balance
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Mac Steels Limited
Notes to the Accounts
for the year ended 31 July 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 August 2022
103,809
184,442
288,251
Disposals
-
(69,699)
(69,699)
At 31 July 2023
103,809
114,743
218,552
At 1 August 2022
-
111,029
111,029
Charge for the year
-
5,697
5,697
On disposals
-
(41,628)
(41,628)
At 31 July 2023
-
75,098
75,098
At 31 July 2023
103,809
39,645
143,454
At 31 July 2022
103,809
73,413
177,222
Amounts falling due within one year
Trade debtors
118,240
174,557
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,486
16,838
Obligations under finance leases and hire purchase contracts
-
8,567
Trade creditors
42,832
75,335
Taxes and social security
78,252
41,733
Other creditors
104,690
4,915
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
7,890
Creditors due after one year are Hire Purchase creditors, secured on the assets financed
Allotted, called up and fully paid:
50 Ordinary A B C and D Shares of £1 each
50
100
Mac Steels Limited
Notes to the Accounts
for the year ended 31 July 2023
9
Transactions with related parties
At the balance sheet date the amounts due to the directors included in creditors falling due within 12 months were £104,690 (£4,915)
10
Average number of employees
During the year the average number of employees was 7 (2022: 9).