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Registered number: 02371169
Macai - Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 July 2024
Pam Fox Accountancy Limited
Contents
Page
Company Information 1
Directors' Report 2
Profit and Loss Account 3
Balance Sheet 4—5
Notes to the Financial Statements 6—8
Page 1
Company Information
Directors Mr Nigel Hawes
Mr Riaan Shields
Mrs Pamela Fox
Secretary Mrs Pamela Fox
Company Number 02371169
Registered Office 106 Down Street
West Molesey
Surrey
KT8 2TA
Accountants Pam Fox Accountancy Limited
24 Bourton Road
Buckingham
Bucks
MK18 1BE
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Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2024.
Review of the Business
The directors would note that 23/24 has been a demanding trading year, given the well-publicised macro-economic challenges and the insolvencies within the construction sector.  Exposures to these insolvencies within the financial year have been fully accounted for and prudent provisions have been taken for events post the year-end.  We are pleased to be able to report a strong profit despite these headwinds.
Directors
The directors who held office during the year were as follows:
Mr Nigel Hawes
Mr Riaan Shields
Mrs Pamela Fox
 
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Nigel Hawes
Director
30/09/2024
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 20,969,368 19,173,347
Cost of sales (19,065,428 ) (17,111,154 )
GROSS PROFIT 1,903,940 2,062,193
Administrative expenses (1,898,667 ) (1,682,946 )
Other operating income 388,468 211,609
OPERATING PROFIT 393,741 590,856
Interest payable and similar charges (4,266 ) (227 )
PROFIT BEFORE TAXATION 389,475 590,629
Tax on Profit (12,708 ) (73,532 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 376,767 517,097
The notes on pages 6 to 8 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 51,405 26,713
51,405 26,713
CURRENT ASSETS
Debtors 5 4,045,757 3,645,451
Cash at bank and in hand 95,325 228,648
4,141,082 3,874,099
Creditors: Amounts Falling Due Within One Year 6 (2,789,645 ) (2,655,460 )
NET CURRENT ASSETS (LIABILITIES) 1,351,437 1,218,639
TOTAL ASSETS LESS CURRENT LIABILITIES 1,402,842 1,245,352
Creditors: Amounts Falling Due After More Than One Year 7 (20,498 ) -
NET ASSETS 1,382,344 1,245,352
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 1,381,344 1,244,352
SHAREHOLDERS' FUNDS 1,382,344 1,245,352
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
On behalf of the board
Mr Nigel Hawes
Director
30/09/2024
The notes on pages 6 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Macai - Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02371169 . The registered office is 106 Down Street, West Molesey, Surrey, KT8 2TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 33 32
33 32
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 154,709 70,856 36,378 76,909 338,852
Additions 11,377 18,500 - 21,341 51,218
Disposals - (70,856 ) - - (70,856 )
As at 31 July 2024 166,086 18,500 36,378 98,250 319,214
Depreciation
As at 1 August 2023 146,695 70,856 36,378 58,210 312,139
Provided during the period 6,846 4,625 - 15,055 26,526
Disposals - (70,856 ) - - (70,856 )
As at 31 July 2024 153,541 4,625 36,378 73,265 267,809
Net Book Value
As at 31 July 2024 12,545 13,875 - 24,985 51,405
As at 1 August 2023 8,014 - - 18,699 26,713
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 552,858 161,481
Amounts recoverable on contracts 3,423,310 3,337,762
Prepayments and accrued income 11,573 38,912
Other debtors 12,500 12,500
VAT 45,516 91,129
Amounts owed by group undertakings - 3,667
4,045,757 3,645,451
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,621,181 1,671,860
Corporation tax 12,708 73,532
Other taxes and social security 227,296 244,253
Other creditors (1) 461,851 315,885
Accruals and deferred income 157,582 212,744
Directors' loan accounts 209,027 137,186
Amounts owed to group undertakings 100,000 -
2,789,645 2,655,460
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,498 -
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 20,498 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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