0 31/08/2023 2023-08-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-09-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 8240835 2022-09-01 2023-08-31 8240835 2023-08-31 8240835 2022-08-31 8240835 2022-08-31 8240835 core:PlantMachinery 2022-09-01 2023-08-31 8240835 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 8240835 core:MotorVehicles 2022-09-01 2023-08-31 8240835 bus:RegisteredOffice 2022-09-01 2023-08-31 8240835 bus:LeadAgentIfApplicable 2022-09-01 2023-08-31 8240835 bus:Director1 2022-09-01 2023-08-31 8240835 core:PlantMachinery 2022-08-31 8240835 core:FurnitureFittingsToolsEquipment 2022-08-31 8240835 core:MotorVehicles 2022-08-31 8240835 core:PlantMachinery 2023-08-31 8240835 core:FurnitureFittingsToolsEquipment 2023-08-31 8240835 core:MotorVehicles 2023-08-31 8240835 core:WithinOneYear 2023-08-31 8240835 core:WithinOneYear 2022-08-31 8240835 core:ShareCapital 2023-08-31 8240835 core:ShareCapital 2022-08-31 8240835 core:RetainedEarningsAccumulatedLosses 2023-08-31 8240835 core:RetainedEarningsAccumulatedLosses 2022-08-31 8240835 core:PlantMachinery 2022-08-31 8240835 core:FurnitureFittingsToolsEquipment 2022-08-31 8240835 core:MotorVehicles 2022-08-31 8240835 bus:SmallEntities 2022-09-01 2023-08-31 8240835 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 8240835 bus:FullAccounts 2022-09-01 2023-08-31 8240835 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 8240835 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31
Company registration number: 8240835
Mact Scaffolding (London) Limited
Unaudited filleted financial statements
31 August 2023
Pearlman Rose
Chartered Accountants
39-40 Skylines Village
Limeharbour
London E14 9TS
Mact Scaffolding (London) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Mact Scaffolding (London) Limited
Directors and other information
Director Mrs D M Parrish
Company number 8240835
Registered office 39-40 Skylines Village
Limeharbour, Docklands
London
E14 9TS
Business address Selsdon Goods Yard
Selsdon Road
South Croydon
Surrey, CR2 0EA
Accountants Pearlman Rose
39-40 Skylines Village
Limeharbour, Docklands
London
E14 9TS
Bankers HSBC Bank Plc
Mact Scaffolding (London) Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Mact Scaffolding (London) Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mact Scaffolding (London) Limited for the year ended 31 August 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Pearlman Rose
Chartered Accountants
39-40 Skylines Village
Limeharbour, Docklands
London
E14 9TS
19 December 2023
Mact Scaffolding (London) Limited
Statement of financial position
31 August 2023
31/08/23 31/08/22
Note £ £ £ £
Fixed assets
Tangible assets 4 129,520 135,825
_______ _______
129,520 135,825
Current assets
Debtors 5 306,429 246,308
Cash at bank and in hand 151,953 46,367
_______ _______
458,382 292,675
Creditors: amounts falling due
within one year 6 ( 182,883) ( 111,795)
_______ _______
Net current assets 275,499 180,880
_______ _______
Total assets less current liabilities 405,019 316,705
Provisions for liabilities ( 24,609) ( 25,807)
_______ _______
Net assets 380,410 290,898
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 380,310 290,798
_______ _______
Shareholders funds 380,410 290,898
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:
Mrs D M Parrish
Director
Company registration number: 8240835
Mact Scaffolding (London) Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 39-40 Skylines Village, Limeharbour, Docklands, London, E14 9TS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. 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. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 293,644 24,385 26,700 344,729
Additions 15,508 - - 15,508
_______ _______ _______ _______
At 31 August 2023 309,152 24,385 26,700 360,237
_______ _______ _______ _______
Depreciation
At 1 September 2022 170,027 15,042 23,835 208,904
Charge for the year 19,696 1,401 716 21,813
_______ _______ _______ _______
At 31 August 2023 189,723 16,443 24,551 230,717
_______ _______ _______ _______
Carrying amount
At 31 August 2023 119,429 7,942 2,149 129,520
_______ _______ _______ _______
At 31 August 2022 123,617 9,343 2,865 135,825
_______ _______ _______ _______
5. Debtors
31/08/23 31/08/22
£ £
Trade debtors 293,042 226,067
Other debtors 13,387 20,241
_______ _______
306,429 246,308
_______ _______
6. Creditors: amounts falling due within one year
31/08/23 31/08/22
£ £
Trade creditors 75,585 29,753
Corporation tax 1,540 -
Social security and other taxes 29,396 21,092
Other creditors 76,362 60,950
_______ _______
182,883 111,795
_______ _______