REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MAC ROOFING LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MAC ROOFING LIMITED |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
MAC ROOFING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
17 Moor Park Avenue |
Preston |
Lancashire |
PR1 6AS |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
MAC Roofing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standing 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provision of Section 1A "Small Entities" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention, modified to include the cost of certain investments in subsidiaries at fair value. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended give a true and fair view of assets, liabilities, financial position and profit and loss of the group. The company has therefore taken advantage of the exemptions from the following disclosure requirements: |
- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
- Section 33 'Related Party Disclosures': Compensation for key management personnel. |
The company is a wholly owned subsidiary and the financial statements of the company are consolidated in the financial statements of Cavanagh Commercial Holdings Limited. These consolidated financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Reporting period |
The comparative financial statements represent the accounting period from 1 October 2021 to 31 March 2023, in order to better align the company's year end with that of the tax year. This, therefore, results in comparative amounts presented in these financial statements (including the related notes) not being entirely comparable. |
Turnover |
Turnover represents the invoice value of work carried out during the year, net of Value Added Tax, adjusted for contractual work in progress as follows: |
The amount by which recorded turnover is in excess of payments on account is classified as "amounts recoverable on contracts" and separately disclosed, as appropriate, within debtors due within one year and after more than one year. |
The value of the recorded turnover has been determined by the following methods: |
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period. |
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as amounts recoverable on contracts, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of J W Designs in 2005 has been fully amortised. |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Basic financial assets: |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities: |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities: |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 |
and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
6. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
7. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
VAT |
Accrued income |
Prepayments |
Amounts falling due after more than one year: |
Amounts recoverable on contract |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 5,618 | 11,622 |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st April 2023 |
Credit to Statement of Income and Retained Earnings during year |
( |
) |
Balance at 31st March 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 2,000 | 2,000 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1st April 2023 |
Profit for the year |
At 31st March 2024 |
MAC ROOFING LIMITED (REGISTERED NUMBER: 02287230) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
Following the change in period end we were unable to observe the counting of physical inventories at the end of that period. We were unable to satisfy ourselves by alternative means concerning the inventory held at 31 March 2023, which is included in the balance sheet at £489,846. Consequently we were unable to determine whether any adjustments to this amount were necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2024. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
Rent of £56,600 (2023: £84,900) was paid to the MAC (Roofing & Contracting) Ltd (2000) Pension Fund. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Cavanagh Commercial Holdings Limited, a company registered in England and Wales. The ultimate controlling party is T Cavanagh and L Cavanagh by virtue of each holding 50% of the share capital of the ultimate parent company. |
Cavanagh Commercial Holdings Limited prepares consolidated financial statements including the financial statements of this company and these are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3 UZ. |