Macbeth 12 Limited 04838377 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Repair & retail of hydraulic hoses Digita Accounts Production Advanced 6.30.9574.0 true false true true 04838377 2023-04-01 2024-03-31 04838377 2024-03-31 04838377 core:RetainedEarningsAccumulatedLosses 2024-03-31 04838377 core:ShareCapital 2024-03-31 04838377 core:CurrentFinancialInstruments 2024-03-31 04838377 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04838377 core:Non-currentFinancialInstruments 2024-03-31 04838377 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04838377 core:Goodwill 2024-03-31 04838377 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 04838377 core:FurnitureFittings 2024-03-31 04838377 core:MotorVehicles 2024-03-31 04838377 core:OfficeEquipment 2024-03-31 04838377 core:PlantMachinery 2024-03-31 04838377 core:OtherRelatedParties 2024-03-31 04838377 bus:SmallEntities 2023-04-01 2024-03-31 04838377 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04838377 bus:FilletedAccounts 2023-04-01 2024-03-31 04838377 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04838377 bus:RegisteredOffice 2023-04-01 2024-03-31 04838377 bus:CompanySecretary1 2023-04-01 2024-03-31 04838377 bus:Director1 2023-04-01 2024-03-31 04838377 bus:Director3 2023-04-01 2024-03-31 04838377 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04838377 core:Goodwill 2023-04-01 2024-03-31 04838377 core:LicencesFranchises 2023-04-01 2024-03-31 04838377 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 04838377 core:CommercialMotorVehicles 2023-04-01 2024-03-31 04838377 core:FurnitureFittings 2023-04-01 2024-03-31 04838377 core:MotorVehicles 2023-04-01 2024-03-31 04838377 core:OfficeEquipment 2023-04-01 2024-03-31 04838377 core:PlantMachinery 2023-04-01 2024-03-31 04838377 core:OtherRelatedParties 2023-04-01 2024-03-31 04838377 core:Subsidiary1 2023-04-01 2024-03-31 04838377 core:Subsidiary1 1 2023-04-01 2024-03-31 04838377 core:Subsidiary1 countries:EnglandWales 2023-04-01 2024-03-31 04838377 core:Subsidiary2 2023-04-01 2024-03-31 04838377 core:Subsidiary2 1 2023-04-01 2024-03-31 04838377 core:Subsidiary2 countries:EnglandWales 2023-04-01 2024-03-31 04838377 countries:EnglandWales 2023-04-01 2024-03-31 04838377 2023-03-31 04838377 core:Goodwill 2023-03-31 04838377 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 04838377 core:CostValuation 2023-03-31 04838377 core:FurnitureFittings 2023-03-31 04838377 core:MotorVehicles 2023-03-31 04838377 core:OfficeEquipment 2023-03-31 04838377 core:PlantMachinery 2023-03-31 04838377 core:OtherRelatedParties 2023-03-31 04838377 2022-04-01 2023-03-31 04838377 2023-03-31 04838377 core:RetainedEarningsAccumulatedLosses 2023-03-31 04838377 core:ShareCapital 2023-03-31 04838377 core:CurrentFinancialInstruments 2023-03-31 04838377 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04838377 core:Non-currentFinancialInstruments 2023-03-31 04838377 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04838377 core:Goodwill 2023-03-31 04838377 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 04838377 core:FurnitureFittings 2023-03-31 04838377 core:MotorVehicles 2023-03-31 04838377 core:OfficeEquipment 2023-03-31 04838377 core:PlantMachinery 2023-03-31 04838377 core:OtherRelatedParties 2023-03-31 04838377 core:Subsidiary1 1 2022-04-01 2023-03-31 04838377 core:Subsidiary2 1 2022-04-01 2023-03-31 04838377 2022-03-31 04838377 core:OtherRelatedParties 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04838377

Macbeth 12 Limited

trading as Pirtek Park Royal

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Company Information

Directors

Mr A Williams

Miss C R Williams

Company secretary

Mrs AM Williams

Registered office

Unit 12 Hanover West Industrial Estate
Acton Lane
London
NW10 7NB

 

Macbeth 12 Limited

trading as Pirtek Park Royal

(Registration number: 04838377)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

16,250

19,250

Tangible assets

5

112,701

113,771

Investments

6

527,915

527,915

 

656,866

660,936

Current assets

 

Stocks

7

111,822

135,186

Debtors

8

963,171

919,721

Cash at bank and in hand

 

303,303

122,661

 

1,378,296

1,177,568

Creditors: Amounts falling due within one year

9

(695,218)

(635,602)

Net current assets

 

683,078

541,966

Total assets less current liabilities

 

1,339,944

1,202,902

Creditors: Amounts falling due after more than one year

9

(86,957)

(185,814)

Provisions for liabilities

(28,175)

(21,616)

Net assets

 

1,224,812

995,472

Capital and reserves

 

Called up share capital

40,000

40,000

Retained earnings

1,184,812

955,472

Shareholders' funds

 

1,224,812

995,472

 

Macbeth 12 Limited

trading as Pirtek Park Royal

(Registration number: 04838377)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr A Williams
Director

   
     
 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 12 Hanover West Industrial Estate
Acton Lane
London
NW10 7NB
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Prior period errors

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 years straight line

Fixtures and fittings

10 years straight line

Motor vans

3 years straight line

Office equipment

5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Franchise fees

10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

298,465

55,000

353,465

At 31 March 2024

298,465

55,000

353,465

Amortisation

At 1 April 2023

298,465

35,750

334,215

Amortisation charge

-

3,000

3,000

At 31 March 2024

298,465

38,750

337,215

Carrying amount

At 31 March 2024

-

16,250

16,250

At 31 March 2023

-

19,250

19,250

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

43,200

24,571

80,569

215,911

364,251

Additions

-

-

1,908

42,006

43,914

At 31 March 2024

43,200

24,571

82,477

257,917

408,165

Depreciation

At 1 April 2023

33,908

7,132

75,226

134,214

250,480

Charge for the year

1,837

2,432

3,053

37,662

44,984

At 31 March 2024

35,745

9,564

78,279

171,876

295,464

Carrying amount

At 31 March 2024

7,455

15,007

4,198

86,041

112,701

At 31 March 2023

9,292

17,439

5,343

81,697

113,771

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

527,915

527,915

Subsidiaries

£

Cost or valuation

At 1 April 2023

527,915

Provision

Carrying amount

At 31 March 2024

527,915

At 31 March 2023

527,915

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Pirtek (Watford) Ltd

Unit 10 The Empire Centre
Imperial Way
Watford
Hertfordshire
WD24 4YH

England and Wales

Ordinary

100%

100%

Hydraulic Solutions Ltd

Unit 11 Liongate Enterprise Park,
80 Morden Road,
Mitchem,
Surrey,
CR4 4NY

England and Wales

Ordinary

100%

100%

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments (continued)

Subsidiary undertakings

Pirtek (Watford) Ltd

The principal activity of Pirtek (Watford) Ltd is the repair and retail of hydraulic hoses.

Hydraulic Solutions Ltd

The principal activity of Hydraulic Solutions Ltd is the repair and retail of hydraulic hoses.

7

Stocks

2024
£

2023
£

Raw materials and consumables

111,822

135,186

8

Debtors

Current

2024
£

2023
£

Trade debtors

347,370

243,016

Prepayments

43,524

46,751

Other debtors

572,277

629,954

 

963,171

919,721

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

148,455

169,497

Trade creditors

 

177,245

147,298

Taxation and social security

 

84,395

25,397

Accruals and deferred income

 

33,636

24,045

Other creditors

 

251,487

269,365

 

695,218

635,602

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

86,957

185,814

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

58,218

HP and finance lease liabilities

61,932

56,145

Other borrowings

25,025

71,451

86,957

185,814

Current loans and borrowings

2024
£

2023
£

Bank borrowings

58,217

96,296

Other loans

46,427

41,984

Directors current account

16

16

Hire purchase liabilities

43,795

31,201

148,455

169,497

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £24,272). The financial commitments being the rental of the premises occupied by the company.

 

Macbeth 12 Limited

trading as Pirtek Park Royal

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

Transactions with directors

All directors remuneration was paid under normal market conditions

Summary of transactions with other related parties

AW Hydraulic Services Ltd, Sageglen Ltd, Dappleflair Ltd, Pirtek Watford Ltd, Hydraulic Solutions Ltd, Berkshire Hydraulic Solutions Ltd and Metaldance Ltd,

All above listed companies are under the common control of Mr A & Mrs A Williams.

 The company had outstanding loans to Sageglen Ltd and Dappleflair Ltd at the year-end.

All sales and purchases with entities under common control were conducted under normal market conditions.

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

629,954

629,954

Advanced

137,277

137,277

Repaid

(194,954)

(194,954)

At end of period

572,277

572,277

2023

Other related parties
£

Total
£

At start of period

629,954

629,954

At end of period

629,954

629,954

Terms of loans to related parties

There are no repayment terms attached to the loans to other related parties and no interest charged. The loans are repayable on demand.