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Registered number: 10536339










MACHIR LIMITED

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
MACHIR LIMITED
 

COMPANY INFORMATION


Director
Mr R A J Wright 




Registered number
10536339



Registered office
Albany House
Claremont Lane

Esher

Surrey

KT10 9FQ




Accountants
Wellden Turnbull Limited

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
MACHIR LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 8


 
MACHIR LIMITED
REGISTERED NUMBER: 10536339

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
10,355,904
9,618,191

Current assets
  

Debtors: amounts falling due within one year
 5 
3,650,695
3,240,012

Cash at bank and in hand
 6 
477,550
1,583,901

  
4,128,245
4,823,913

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(443,258)
(1,299,505)

Net current assets
  
 
 
3,684,987
 
 
3,524,408

Total assets less current liabilities
  
14,040,891
13,142,599

  

Net assets
  
14,040,891
13,142,599


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
 9 
14,039,891
13,141,599

  
14,040,891
13,142,599


Page 1

 
MACHIR LIMITED
REGISTERED NUMBER: 10536339

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R A J Wright
Director

Date: 23 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MACHIR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Machir Limited is a private company, limited by shares, incorporated in England and Wales, registered number 10536339. The registered office address is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

These financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
MACHIR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
MACHIR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
MACHIR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL).


4.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023 (as previously stated)
8,861,891
142,838
9,004,729


Prior Year Adjustment

613,462
-
613,462


At 1 January 2023 (as restated)
9,475,353
142,838
9,618,191


Additions
1,569,867
-
1,569,867


Disposals
(1,513,721)
-
(1,513,721)


Revaluations
681,567
-
681,567



At 31 December 2023
10,213,066
142,838
10,355,904




Listed investments are held at fair value in accordance with the accounting policy stated in note 2.6. The fair value has been calculated using the average share price published at the balance sheet date by stock exchanges. Gains and losses are recognised in the statement of income and retained earnings when they arise.
Refer to note 10 for details of the prior year adjustment recorded.


5.


Debtors

2023
2022
£
£


Other debtors
3,650,695
3,238,281

Prepayments and accrued income
-
1,731

3,650,695
3,240,012


Page 6

 
MACHIR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

As restated
2023
2022
£
£

Cash at bank and in hand
477,550
1,583,901


Refer to note 10 for details of the prior year adjustment recorded.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
17,861

Other creditors
438,458
1,278,044

Accruals and deferred income
4,800
3,600

443,258
1,299,505



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



350 (2022 - 350) A shares of £1.00 each
350
350
350 (2022 - 350) B shares of £1.00 each
350
350
50 (2022 - 50) C shares of £1.00 each
50
50
50 (2022 - 50) D shares of £1.00 each
50
50
50 (2022 - 50) E shares of £1.00 each
50
50
50 (2022 - 50) F shares of £1.00 each
50
50
50 (2022 - 50) G shares of £1.00 each
50
50
50 (2022 - 50) H shares of £1.00 each
50
50

1,000

1,000



9.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


10.


Prior year adjustment

In prior years cash of £613,462 held in the Company's investment portfolios was separately presented in cash at bank. The prior year cash at bank has been reduced and fixed asset investments increased by £613,462 to better reflect the nature of investment portfolio cash held.

Page 7

 
MACHIR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

During the year the Director provided loans to the Company of £1,100,900 (2022 - £1,597,308) and the Company made loan repayments of £899,586 (2022 - £1,905,408). At the balance sheet date an amount of £438,458 (2022 - £237,144) was owed to the Director. The balance is interest free, repayable on demand and included in other creditors.


12.


Controlling party

The ultimate controlling party is Mr R A J Wright by virtue of his majority shareholding.


Page 8