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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
Page
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Mac Steels Limited Company Information for the year ended 31 July 2023
Director
A McRoberts
Secretary
A McRoberts
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
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Mac Steels Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
143,454 
177,222 
Current assets
Inventories
3,073 
16,130 
Debtors
118,240 
192,089 
Cash at bank and in hand
119,326 
24,643 
240,639 
232,862 
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 
Capital and reserves
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
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Mac Steels Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
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.
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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 
Depreciation
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 
Net book value
At 31 July 2023
103,809 
39,645 
143,454 
At 31 July 2022
103,809 
73,413 
177,222 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
118,240 
174,557 
Other debtors
- 
17,532 
118,240 
192,089 
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 
230,260 
147,388 
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
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
50 Ordinary A B C and D Shares of £1 each
50 
100 
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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).
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