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Mac & Dee Limited
Filleted accounts
30 November 2023
Company registration number: 07682848
Mac & Dee Limited
Directors and other information
Director M McDonald
Company number 07682848
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Mac & Dee Limited
Balance sheet
30th November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 8,262 1,703
_______ _______
8,262 1,703
Current assets
Stocks 350 870
_______ _______
350 870
Creditors: amounts falling due
within one year 6 ( 25,799) ( 19,041)
_______ _______
Net current liabilities ( 25,449) ( 18,171)
_______ _______
Net liabilities ( 17,187) ( 16,468)
_______ _______
Capital and reserves
Called up share capital 7 1 1
Profit and loss account ( 17,188) ( 16,469)
_______ _______
Shareholders deficit ( 17,187) ( 16,468)
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
M McDonald
Director
Company registration number: 07682848
Mac & Dee Limited
Notes to the financial statements
Year ended 30th November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of wedding and party services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant. Unrelieved tax losses and other deferred tax assets are not recognised as it is uncertain when they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - reducing balance basis at 25% per annum
Computer equipment - reducing balance basis at 25% per annum
Cleaning equipment - reducing balance basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment Computer equipment Cleaning equipment Total
£ £ £ £
Cost
At 1st December 2022 9,474 120 - 9,594
Additions - - 8,691 8,691
_______ _______ _______ _______
At 30th November 2023 9,474 120 8,691 18,285
_______ _______ _______ _______
Depreciation
At 1st December 2022 7,775 115 - 7,890
Charge for the year 425 1 1,707 2,133
_______ _______ _______ _______
At 30th November 2023 8,200 116 1,707 10,023
_______ _______ _______ _______
Carrying amount
At 30th November 2023 1,274 4 6,984 8,262
_______ _______ _______ _______
At 30th November 2022 1,699 5 - 1,704
_______ _______ _______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 25,799 19,041
_______ _______
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
8. Controlling party
The company is under the control of M McDonald who owns 100% of the issued share capital.