4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,781 2,402 5,183 xbrli:pure xbrli:shares iso4217:GBP 04662576 2023-04-01 2024-03-31 04662576 2024-03-31 04662576 2023-03-31 04662576 2022-04-01 2023-03-31 04662576 2023-03-31 04662576 2022-03-31 04662576 core:FurnitureFittings 2023-04-01 2024-03-31 04662576 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04662576 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 04662576 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 04662576 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 04662576 bus:Director1 2023-04-01 2024-03-31 04662576 core:WithinOneYear 2024-03-31 04662576 core:WithinOneYear 2023-03-31 04662576 core:FurnitureFittings 2023-03-31 04662576 core:FurnitureFittings 2024-03-31 04662576 core:DeferredTaxation 2023-04-01 2024-03-31 04662576 core:ShareCapital 2024-03-31 04662576 core:ShareCapital 2023-03-31 04662576 core:RetainedEarningsAccumulatedLosses 2024-03-31 04662576 core:RetainedEarningsAccumulatedLosses 2023-03-31 04662576 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04662576 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04662576 core:FurnitureFittings 2023-03-31 04662576 core:DeferredTaxation 2023-03-31 04662576 core:DeferredTaxation 2024-03-31 04662576 bus:SmallEntities 2023-04-01 2024-03-31 04662576 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04662576 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04662576 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04662576 bus:FullAccounts 2023-04-01 2024-03-31 04662576 bus:OrdinaryShareClass1 2024-03-31 04662576 bus:OrdinaryShareClass1 2023-03-31 04662576 bus:OrdinaryShareClass2 2024-03-31 04662576 bus:OrdinaryShareClass2 2023-03-31 04662576 bus:OrdinaryShareClass3 2024-03-31 04662576 bus:OrdinaryShareClass3 2023-03-31 04662576 bus:OrdinaryShareClass4 2024-03-31 04662576 bus:OrdinaryShareClass4 2023-03-31 04662576 bus:AllOrdinaryShares 2024-03-31 04662576 bus:AllOrdinaryShares 2023-03-31 04662576 core:ComputerEquipment 2023-04-01 2024-03-31 04662576 core:ComputerEquipment 2023-03-31 04662576 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04662576
MACKRILL FINANCIAL MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
MACKRILL FINANCIAL MANAGEMENT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
MACKRILL FINANCIAL MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
29,982
11,122
CURRENT ASSETS
Debtors
6
2,115
1,941
Investments
7
64,554
85,109
Cash at bank and in hand
211,219
224,908
----------
----------
277,888
311,958
CREDITORS: amounts falling due within one year
8
73,002
68,387
----------
----------
NET CURRENT ASSETS
204,886
243,571
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
234,868
254,693
PROVISIONS
Taxation including deferred tax
9
5,183
2,781
----------
----------
NET ASSETS
229,685
251,912
----------
----------
MACKRILL FINANCIAL MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
11
4
4
Profit and loss account
229,681
251,908
----------
----------
SHAREHOLDERS FUNDS
229,685
251,912
----------
----------
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 statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
J C Mackrill
Director
Company registration number: 04662576
MACKRILL FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26 Ripponden Business Park, Oldham Road, Ripponden, Sowerby Bridge, West Yorkshire, HX6 4FF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents insurance commission and fees earned when the insurance business carried out by the company is put into force by the insurance company to whom that business has been given with a deduction for the clawback of commission or fees by the insurance company due to the cancellation of that business. All other commission and fees are earned when the transaction relating to the earning of that commission or fee has been completed.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
10% straight line
Equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Investments Investments are initially recorded at cost, and subsequently stated at surrender value with the profit or loss being recognised in profit or loss in the current year.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
11,790
14,762
26,552
Additions
25,076
25,076
---------
---------
---------
At 31 March 2024
36,866
14,762
51,628
---------
---------
---------
Depreciation
At 1 April 2023
8,405
7,025
15,430
Charge for the year
1,345
4,871
6,216
---------
---------
---------
At 31 March 2024
9,750
11,896
21,646
---------
---------
---------
Carrying amount
At 31 March 2024
27,116
2,866
29,982
---------
---------
---------
At 31 March 2023
3,385
7,737
11,122
---------
---------
---------
6. DEBTORS
2024
2023
£
£
Prepayments and accrued income
2,115
1,941
-------
-------
7. INVESTMENTS
2024
2023
£
£
Investment
64,554
85,109
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
4,161
3,856
Corporation tax
67,672
62,529
Social security and other taxes
1,200
Director loan accounts
802
802
Other creditors
367
---------
---------
73,002
68,387
---------
---------
9. PROVISIONS
Deferred tax (note 10)
£
At 1 April 2023
2,781
Additions
2,402
-------
At 31 March 2024
5,183
-------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
5,183
2,781
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
5,183
2,781
-------
-------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
Ordinary D shares of £ 1 each
1
1
1
1
----
----
----
----
4
4
4
4
----
----
----
----
All shares rank pari passu except that C and D shares have no voting or other participating right.
12. CONTINGENCIES
The company acts as guarantor for a loan of £150,000 made in June 2015 by The Royal Bank of Scotland to Mackrill Property, a partnership in which the directors and their families have a controlling interest . At the year-end, the loan balance was £ 32,455 (2023: £42,332).
13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors Mr J C Mackrill and Mr J P Mackrill had unsecured interest free loans with the company. The directors' loan accounts were both in credit throughout the year and are repayable on demand.