Registered number
13229947
MAC Traffic Solutions Limited
Filleted Accounts
31 December 2023
MAC Traffic Solutions Limited
Registered number: 13229947
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,321 39,762
Current assets
Debtors 4 14,319 40,230
Cash at bank and in hand 64,696 90,736
79,015 130,966
Creditors: amounts falling due within one year 5 (18,679) (49,702)
Net current assets 60,336 81,264
Total assets less current liabilities 119,657 121,026
Creditors: amounts falling due after more than one year 6 (19,422) (10,032)
Provisions for liabilities (11,970) (7,555)
Net assets 88,265 103,439
Capital and reserves
Profit and loss account 88,265 103,439
Shareholders' funds 88,265 103,439
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Paul McCarthy
Director
Approved by the board on 17 July 2024
MAC Traffic Solutions Limited
Notes to the Accounts
for the year ended 31 December 2023
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 rendering of services.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:
Office equipment over 5 years
Plant and machinery over 5 years
Motor vehicles over 5 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 2,995 12,620 33,807 49,422
Additions 916 33,874 - 34,790
At 31 December 2023 3,911 46,494 33,807 84,212
Depreciation
At 1 January 2023 362 3,032 6,266 9,660
Charge for the year 404 9,295 5,532 15,231
At 31 December 2023 766 12,327 11,798 24,891
Net book value
At 31 December 2023 3,145 34,167 22,009 59,321
At 31 December 2022 2,633 9,588 27,541 39,762
4 Debtors 2023 2022
£ £
Trade debtors 12,930 40,230
Other debtors 1,389 -
14,319 40,230
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,986 -
Taxation and social security costs 5,496 39,562
Other creditors 5,197 10,140
18,679 49,702
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,422 10,032
7 Related party transactions
Included within other creditors is the amount of £2,647 owed to the directors (2022 - £10,138). This amount is undated, unsecured, interest free and repayable upon demand.
8 Controlling party
The Directors are the ultimate controlling party of the company.
9 Other information
MAC Traffic Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
26 Abingdon Road
Drayton
Abingdon
Oxfordshire
OX14 4HW
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