Company Registration No. 01070053 (England and Wales)
MACVERE (ENGINEERING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MACVERE (ENGINEERING) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MACVERE (ENGINEERING) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. G Macey
Mr. M Macey
Secretary
Mr. G Macey
Company number
01070053
Registered office
Unit 2
Kingscroft Court
Ridgway
Havant
Hampshire
United Kingdom
PO9 1LS
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MACVERE (ENGINEERING) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,716
47,460
Current assets
Stocks
29,365
31,875
Debtors
4
88,829
172,765
Cash at bank and in hand
1,287
1,602
119,481
206,242
Creditors: amounts falling due within one year
5
(152,224)
(172,179)
Net current (liabilities)/assets
(32,743)
34,063
Total assets less current liabilities
7,973
81,523
Provisions for liabilities
-
0
(2,934)
Net assets
7,973
78,589
Capital and reserves
Called up share capital
6
110
110
Profit and loss reserves
7,863
78,479
Total equity
7,973
78,589
MACVERE (ENGINEERING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
Mr. G Macey
Director
Company Registration No. 01070053
The notes on pages 4 to 7 form part of these financial statements
MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information

Macvere (Engineering) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Kingscroft Court, Ridgway, Havant, Hampshire, United Kingdom, PO9 1LS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant, machinery and tools
15% reducing balance
Office equipment
15%-33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

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

MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Retirement benefits

The company provides pensions to directors and employees with long term contracts through separate defined contribution pension schemes. The assets of the scheme are held separately from those of the company.

 

The annual contributions payable are charged to the profit and loss account.

1.10

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
11
3
Tangible fixed assets
Plant, machinery and tools
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
898,496
73,344
7,000
978,840
Additions
-
0
554
-
0
554
At 31 August 2023
898,496
73,898
7,000
979,394
Depreciation and impairment
At 1 September 2022
852,546
72,056
6,778
931,380
Depreciation charged in the year
6,893
349
56
7,298
At 31 August 2023
859,439
72,405
6,834
938,678
Carrying amount
At 31 August 2023
39,057
1,493
166
40,716
At 31 August 2022
45,950
1,288
222
47,460
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
88,829
172,765
MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdrafts
57,572
63,939
Trade creditors
41,329
33,785
Other taxation and social security
17,796
42,189
Other creditors
32,527
28,766
Accruals and deferred income
3,000
3,500
152,224
172,179

The bank borrowings are secured by a fixed and floating charge.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 5p each
2,000
2,000
100
100
Ordinary A shares of 5p each
100
100
5
5
Ordinary B shares of 5p each
100
100
5
5
2,200
2,200
110
110
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