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REGISTERED NUMBER: 10971347 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MAC PLAS LIMITED

MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAC PLAS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M A Cotton
G M York





REGISTERED OFFICE: Unit 9 Neptune Business Estate
Neptune Close
Medway City Estate
Rochester
Kent
ME2 4LT





REGISTERED NUMBER: 10971347 (England and Wales)





ACCOUNTANTS: Friend & Grant Ltd
Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW

MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1,404 1,638
Tangible assets 6 48,849 57,767
50,253 59,405

CURRENT ASSETS
Stocks 164,235 165,471
Debtors 7 331,990 270,635
Cash at bank and in hand 233,828 260,989
730,053 697,095
CREDITORS
Amounts falling due within one year 8 310,795 243,682
NET CURRENT ASSETS 419,258 453,413
TOTAL ASSETS LESS CURRENT
LIABILITIES

469,511

512,818

CREDITORS
Amounts falling due after more than one
year

9

(41,985

)

(66,242

)

PROVISIONS FOR LIABILITIES (12,212 ) (14,442 )
NET ASSETS 415,314 432,134

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 49,900 49,900
Retained earnings 365,314 382,134
SHAREHOLDERS' FUNDS 415,314 432,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

BALANCE SHEET - continued
31 DECEMBER 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:




M A Cotton - Director



G M York - Director


MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Mac Plas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, including the presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes. Turnover is not recognised when goods or services are exchanged for goods or services that are of a similar nature and value or when the transaction lacks commercial substance.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

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.

Employee benefits
The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Financial instruments
Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 2,340
AMORTISATION
At 1 January 2023 702
Charge for year 234
At 31 December 2023 936
NET BOOK VALUE
At 31 December 2023 1,404
At 31 December 2022 1,638

6. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 15,726 25,293 63,697 7,809 112,525
Additions - 6,514 - 235 6,749
At 31 December 2023 15,726 31,807 63,697 8,044 119,274
DEPRECIATION
At 1 January 2023 6,261 13,134 29,945 5,418 54,758
Charge for year 2,442 4,668 6,750 1,807 15,667
At 31 December 2023 8,703 17,802 36,695 7,225 70,425
NET BOOK VALUE
At 31 December 2023 7,023 14,005 27,002 819 48,849
At 31 December 2022 9,465 12,159 33,752 2,391 57,767

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 287,836 227,200
Other debtors 44,154 43,435
331,990 270,635

MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 14,211 13,681
Hire purchase contracts 10,045 12,113
Trade creditors 179,685 100,093
Taxation and social security 99,192 110,389
Other creditors 7,662 7,406
310,795 243,682

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 28,824 43,035
Hire purchase contracts 13,161 23,207
41,985 66,242

10. SECURED DEBTS

Calverton Finance Limited holds a fixed and floating charge over all property or undertakings of the company dated 8 April 2019.

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £358,957 (2022: £297,465).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
M A Cotton
Balance outstanding at start of year (4,458 ) (5,026 )
Amounts advanced 513 664
Amounts repaid (154 ) (96 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,099 ) (4,458 )

G M York
Balance outstanding at start of year 939 (2,046 )
Amounts advanced 587 2,985
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,526 939

MAC PLAS LIMITED (REGISTERED NUMBER: 10971347)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The loan from Mr M Cotton to the company is unsecured, interest free and repayable on demand.

The loan to Mr G York from the company is unsecured, interest free and repayable on demand.