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REGISTERED NUMBER: 02287230 (England and Wales)


















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: T R Cavanagh
L J Cavanagh



REGISTERED OFFICE: 17 Moor Park Avenue
Preston
Lancashire
PR1 6AS



REGISTERED NUMBER: 02287230 (England and Wales)



SENIOR STATUTORY AUDITOR: Christopher Bond



AUDITORS: SBCA Statutory Auditor
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 41,465 77,146
41,465 77,146

CURRENT ASSETS
Stocks 6 489,846 572,433
Debtors 7 3,524,464 3,373,438
Cash at bank 39,881 17,117
4,054,191 3,962,988
CREDITORS
Amounts falling due within one year 8 (1,274,311 ) (1,511,141 )
NET CURRENT ASSETS 2,779,880 2,451,847
TOTAL ASSETS LESS CURRENT LIABILITIES 2,821,345 2,528,993

PROVISIONS FOR LIABILITIES 10 (5,618 ) (11,622 )
NET ASSETS 2,815,727 2,517,371

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Retained earnings 12 2,813,727 2,515,371
SHAREHOLDERS' FUNDS 2,815,727 2,517,371

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

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 20th September 2024 and were signed on its behalf by:



T R Cavanagh - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

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 28 (2023 - 26 ) .

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 100,000
AMORTISATION
At 1st April 2023
and 31st March 2024 100,000
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 730,317 179,356 136,182 1,045,855
DEPRECIATION
At 1st April 2023 659,139 174,822 134,748 968,709
Charge for year 32,489 1,758 1,434 35,681
At 31st March 2024 691,628 176,580 136,182 1,004,390
NET BOOK VALUE
At 31st March 2024 38,689 2,776 - 41,465
At 31st March 2023 71,178 4,534 1,434 77,146

6. STOCKS
31.3.24 31.3.23
£    £   
Stocks 489,846 572,433

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 2,868,543 2,672,868
Amounts owed by group undertakings 549,090 549,090
Amounts recoverable on contract - 44,775
VAT 840 -
Accrued income 35,330 33,437
Prepayments 70,661 72,220
3,524,464 3,372,390

Amounts falling due after more than one year:
Amounts recoverable on contract - 1,048

Aggregate amounts 3,524,464 3,373,438

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 750,436 871,704
Taxation and social security 38,513 152,983
Other creditors 485,362 486,454
1,274,311 1,511,141

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 59,004 62,423
Between one and five years 141,804 106,016
200,808 168,439

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 11,622
Credit to Statement of Income and Retained Earnings during
year

(6,004

)
Balance at 31st March 2024 5,618

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2,000 Ordinary £1 2,000 2,000

12. RESERVES
Retained
earnings
£   

At 1st April 2023 2,515,371
Profit for the year 298,356
At 31st March 2024 2,813,727

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.

Christopher Bond (Senior Statutory Auditor)
for and on behalf of SBCA Statutory Auditor

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.