Macerly Borge Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 14421891 (England and Wales)
Macerly Borge Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
Macerly Borge Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,145
1,682
Current assets
Debtors
4
20,671
25,487
Cash at bank and in hand
65,686
21,846
86,357
47,333
Creditors: amounts falling due within one year
5
(33,532)
(18,276)
Net current assets
52,825
29,057
Net assets
54,970
30,739
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
54,870
30,639
Total equity
54,970
30,739
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 October 2024
M Borge
Director
Company Registration No. 14421891
Macerly Borge Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 October 2022
-
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
30,639
30,639
Issue of share capital
6
100
-
100
Balance at 31 March 2023
100
30,639
30,739
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
58,231
58,231
Dividends
-
(34,000)
(34,000)
Balance at 31 March 2024
100
54,870
54,970
Macerly Borge Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information
Macerly Borge Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Reporting period
The annual financial statements are presented for a shorter period last year, due to which the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.33% straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Macerly Borge Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
Macerly Borge Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
1,814
Additions
1,115
At 31 March 2024
2,929
Depreciation and impairment
At 1 April 2023
132
Depreciation charged in the year
652
At 31 March 2024
784
Carrying amount
At 31 March 2024
2,145
At 31 March 2023
1,682
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,975
11,078
Corporation tax recoverable
3,636
3,636
Other debtors
1,060
10,773
20,671
25,487
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,963
894
Corporation tax
15,791
10,301
Other taxation and social security
9,431
4,248
Other creditors
262
-
Accruals and deferred income
3,085
2,833
33,532
18,276
Macerly Borge Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
At the year end, included in other creditors, is an amount of £262 (2023: £10,773 owed by) owed to the director.