Registered number
SC466001
Macfabmetal Ltd
Filleted Accounts
30 June 2024
Macfabmetal Ltd
Registered number: SC466001
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 167,686 66,440
Current assets
Stocks 30,324 7,234
Debtors 4 36,224 19,965
Cash at bank and in hand 94,201 21,492
160,749 48,691
Creditors: amounts falling due within one year 5 (126,143) (78,132)
Net current assets/(liabilities) 34,606 (29,441)
Total assets less current liabilities 202,292 36,999
Creditors: amounts falling due after more than one year 6 (183,244) (21,458)
Net assets 19,048 15,541
Capital and reserves
Called up share capital 1 1
Profit and loss account 19,047 15,540
Shareholder's funds 19,048 15,541
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gordon MacDonald
Director
Approved by the board on 14 August 2024
Macfabmetal Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings 25% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Fixtures and fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 2,339 81,294 40,562 124,195
Additions - 144,495 - 144,495
At 30 June 2024 2,339 225,789 40,562 268,690
Depreciation
At 1 July 2023 2,131 36,126 19,498 57,755
Charge for the year 52 37,932 5,265 43,249
At 30 June 2024 2,183 74,058 24,763 101,004
Net book value
At 30 June 2024 156 151,731 15,799 167,686
At 30 June 2023 208 45,168 21,064 66,440
4 Debtors 2024 2023
£ £
Trade debtors 32,479 18,370
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,150 -
Other debtors 1,595 1,595
36,224 19,965
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,349 -
Trade creditors 24,808 562
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,290 -
Taxation and social security costs 22,258 11,953
Other creditors 73,438 65,617
126,143 78,132
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 26,667 -
Obligations under finance lease and hire purchase contracts 156,577 21,098
Other creditors - 360
183,244 21,458
7 Other information
Macfabmetal Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
80 Lanark Road
Carstairs
Lanark
ML11 8QH
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