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Registration number: 03283870

F. Mace & Son Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

F. Mace & Son Limited

(Registration number: 03283870)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,268

17,668

Current assets

 

Stocks

12,000

12,000

Debtors

5

40,375

58,858

Cash at bank and in hand

 

67,230

27,337

 

119,605

98,195

Creditors: Amounts falling due within one year

6

(88,094)

(83,622)

Net current assets

 

31,511

14,573

Total assets less current liabilities

 

51,779

32,241

Creditors: Amounts falling due after more than one year

6

(7,500)

(12,487)

Provisions for liabilities

(1,184)

-

Net assets

 

43,095

19,754

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

42,995

19,654

Shareholders' funds

 

43,095

19,754

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

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

 

F. Mace & Son Limited

(Registration number: 03283870)
Statement of Financial Position as at 31 December 2023

Approved and authorised by the director on 9 August 2024
 

.........................................
Mr D Kelly
Director

 

F. Mace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 2 Camberley Business Centre, Bracebridge, Camberley, Surrey, GU15 3DP.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 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.

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.

 

F. Mace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

15% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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 debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

F. Mace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 6).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,569

29,991

10,523

46,083

Additions

311

-

7,179

7,490

At 31 December 2023

5,880

29,991

17,702

53,573

Depreciation

At 1 January 2023

5,318

13,167

9,930

28,415

Charge for the year

84

4,209

597

4,890

At 31 December 2023

5,402

17,376

10,527

33,305

Carrying amount

At 31 December 2023

478

12,615

7,175

20,268

At 31 December 2022

251

16,824

593

17,668

 

F. Mace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

34,954

43,907

Amounts owed by related parties

-

10,037

Prepayments

 

4,945

4,438

Deferred tax assets

476

476

 

40,375

58,858

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

5,000

5,019

Trade creditors

 

18,799

30,663

Taxation and social security

 

28,090

10,445

Accruals and deferred income

 

7,416

5,725

Other creditors

 

28,789

31,770

 

88,094

83,622

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

7,500

12,487

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,500

12,487

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,019