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REGISTERED NUMBER: 04508726 (England and Wales)




















Firemac Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Firemac Limited (Registered number: 04508726)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Firemac Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr D G Mackay



REGISTERED OFFICE: Union House
111 New Union Street
Coventry
West Midlands
CV1 2NT



REGISTERED NUMBER: 04508726 (England and Wales)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland
Haddington (D)
32 Court Street
Haddington
EH41 3NS

Firemac Limited (Registered number: 04508726)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 310,033 313,219

CURRENT ASSETS
Stocks 37,877 36,205
Debtors 5 661,880 486,170
Cash at bank and in hand 448,341 405,249
1,148,098 927,624
CREDITORS
Amounts falling due within one year 6 1,254,983 573,147
NET CURRENT (LIABILITIES)/ASSETS (106,885 ) 354,477
TOTAL ASSETS LESS CURRENT LIABILITIES 203,148 667,696

PROVISIONS FOR LIABILITIES 3,548 4,107
NET ASSETS 199,600 663,589

CAPITAL AND RESERVES
Called up share capital 53 53
Capital redemption reserve 50 50
Retained earnings 199,497 663,486
SHAREHOLDERS' FUNDS 199,600 663,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Firemac Limited (Registered number: 04508726)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 26 July 2024 and were signed by:





Mr D G Mackay - Director


Firemac Limited (Registered number: 04508726)

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

1. STATUTORY INFORMATION

Firemac 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover represents net invoiced sales of fire safety equipment, excluding value added tax.

Revenue is recognised when the goods are supplied to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance, 10% on cost and Nil

In the opinion of the director, due to the major refurbishment of the freehold property and the proposed maintenance programme, he does not consider that the value of the property will diminish. Therefore there is no depreciation charged on the cost of the freehold property. This policy is not in accordance with the requirements of the Companies Act 2006, but departure from the provisions of the Act is required in order to provide a true and fair view.

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

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.


Firemac Limited (Registered number: 04508726)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

Firemac Limited (Registered number: 04508726)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 419,145
Additions 3,041
At 31 March 2024 422,186
DEPRECIATION
At 1 April 2023 105,926
Charge for year 6,227
At 31 March 2024 112,153
NET BOOK VALUE
At 31 March 2024 310,033
At 31 March 2023 313,219

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 532,906 445,822
Other debtors 128,974 40,348
661,880 486,170

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 20
Trade creditors 76,311 13,342
Taxation and social security 269,738 193,760
Other creditors 908,934 366,025
1,254,983 573,147

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 3,986

Firemac Limited (Registered number: 04508726)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr D G Mackay
Balance outstanding at start of year - -
Amounts advanced 61,609 -
Amounts repaid (9,929 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 51,680 -

This loan is interest free, unsecured and was repaid by 15 May 2024.