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MAC Tracks Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 06444166

 

MAC Tracks Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

MAC Tracks Ltd

Company Information

Directors

Mr A Luscombe

Mr C J Luscombe

Mr M D Luscombe

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Limited
18 Newport Street
Tiverton
Devon
EX16 6NL

 

MAC Tracks Ltd

(Registration number: 06444166)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

613,234

622,220

Current assets

 

Stocks

5

491,200

392,200

Debtors

6

106,655

106,308

Cash at bank and in hand

 

-

3,194

 

597,855

501,702

Creditors: Amounts falling due within one year

7

(567,133)

(444,008)

Net current assets

 

30,722

57,694

Total assets less current liabilities

 

643,956

679,914

Creditors: Amounts falling due after more than one year

7

(283,277)

(355,161)

Provisions for liabilities

(50,605)

(46,053)

Net assets

 

310,074

278,700

Capital and reserves

 

Called up share capital

8

3

3

Profit and loss account

310,071

278,697

Shareholders' funds

 

310,074

278,700

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

MAC Tracks Ltd

(Registration number: 06444166)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr C J Luscombe
Director

.........................................
Mr M D Luscombe
Director

 

MAC Tracks Ltd

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

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:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

These financial statements were authorised for issue by the Board on 1 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

Government grants

Government grants have been recognised in income when they are received.

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.

 

MAC Tracks Ltd

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

MAC Tracks Ltd

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

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

MAC Tracks Ltd

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

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

346,894

324,153

671,047

Additions

-

115,833

115,833

Disposals

-

(120,653)

(120,653)

At 31 March 2024

346,894

319,333

666,227

Depreciation

At 1 April 2023

-

48,827

48,827

Charge for the year

-

28,002

28,002

Eliminated on disposal

-

(23,836)

(23,836)

At 31 March 2024

-

52,993

52,993

Carrying amount

At 31 March 2024

346,894

266,340

613,234

At 31 March 2023

346,894

275,326

622,220

Included within the net book value of land and buildings above is £346,894 (2023 - £346,894) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

491,200

392,200

 

MAC Tracks Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

87,838

103,323

Other debtors

18,817

2,985

 

106,655

106,308

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

229,614

179,155

Trade creditors

 

56,448

34,194

Taxation and social security

 

27,235

972

Accruals and deferred income

 

7,500

-

Other creditors

 

246,336

229,687

 

567,133

444,008

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £134,454 (2023 - £77,324).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

283,277

355,161

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £150,466 (2022 - £162,345).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

       
 

MAC Tracks Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

48,812

64,814

Finance lease liabilities

101,654

119,074

Other borrowings

132,811

171,273

283,277

355,161

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,254

15,774

Bank overdrafts

47,842

-

Finance lease liabilities

70,358

71,674

Other borrowings

95,160

91,707

229,614

179,155

Bank borrowings

Lloyds Loan is denominated in £GBP with a nominal interest rate of 4%, and the final instalment is due on 16 December 2029. The carrying amount at year end is £43,400 (2023 - £48,921).

The loan is secured on the yard, which is owned by the company.

Bounce back loan is denominated in £GBP with a nominal interest rate of 2.5%, and the final instalment is due on 1 April 2026. The carrying amount at year end is £21,667 (2023 - £31,667).

The loan is secured by the government backed guarantee.

Other borrowings

Funding Circle Loan is denominated in £GBP with a nominal interest rate of 8.6%, and the final instalment is due on 28 February 2028. The carrying amount at year end is £171,470 (2023 - £206,779).

No security pledged.