BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is that of Project Management, Site Preparation, Design and Manufacture of Modular Buildings. 28 October 2024 NI671775 2024-03-31 NI671775 2023-03-31 NI671775 2022-03-31 NI671775 2023-04-01 2024-03-31 NI671775 2022-04-01 2023-03-31 NI671775 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI671775 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI671775 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI671775 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI671775 uk-bus:Director1 2023-04-01 2024-03-31 NI671775 uk-bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 NI671775 uk-bus:Director3 2023-04-01 2024-03-31 NI671775 uk-bus:CompanySecretary1 2023-04-01 2024-03-31 NI671775 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI671775 uk-bus:Agent1 2023-04-01 2024-03-31 NI671775 uk-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI671775 uk-core:ShareCapital 2024-03-31 NI671775 uk-core:ShareCapital 2023-03-31 NI671775 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI671775 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI671775 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI671775 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI671775 uk-bus:FRS102 2023-04-01 2024-03-31 NI671775 uk-core:LandBuildings 2023-04-01 2024-03-31 NI671775 uk-core:Buildings 2023-04-01 2024-03-31 NI671775 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI671775 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI671775 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI671775 uk-core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI671775 uk-core:CurrentFinancialInstruments 2024-03-31 NI671775 uk-core:CurrentFinancialInstruments 2023-03-31 NI671775 uk-core:WithinOneYear 2024-03-31 NI671775 uk-core:WithinOneYear 2023-03-31 NI671775 uk-core:WithinOneYear 2024-03-31 NI671775 uk-core:WithinOneYear 2023-03-31 NI671775 uk-core:AfterOneYear 2024-03-31 NI671775 uk-core:AfterOneYear 2023-03-31 NI671775 uk-core:BetweenOneFiveYears 2024-03-31 NI671775 uk-core:BetweenOneFiveYears 2023-03-31 NI671775 uk-core:EmployeeBenefits 2023-03-31 NI671775 uk-core:EmployeeBenefits 2023-04-01 2024-03-31 NI671775 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI671775 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI671775 uk-core:OtherDeferredTax 2024-03-31 NI671775 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 NI671775 uk-core:EmployeeBenefits 2024-03-31 NI671775 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI671775
 
 
Mac Zero Modular Buildings Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024



Mac Zero Modular Buildings Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Conor McAvoy
Orla Corr
Mairead McAvoy (Appointed 25 October 2023)
 
 
Company Secretary Orla Corr
 
 
Company Registration Number NI671775
 
 
Registered Office and Business Address 45 Derryvale Road
Coalisland
Dungannon
BT71 4PB
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
BT1 1PG
United Kingdom
 
 
Bankers AIB
  92 Ann Street
  Belfast
  BT1 3HH



Mac Zero Modular Buildings Limited

CHARTERED ACCOUNTANTS REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Mac Zero Modular Buildings Limited
for the financial year ended 31 March 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 March 2024 as set out on pages  to 13 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Mac Zero Modular Buildings Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 March 2024 your duty to ensure that Mac Zero Modular Buildings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mac Zero Modular Buildings Limited. You consider that Mac Zero Modular Buildings Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Mac Zero Modular Buildings Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
BT1 1PG
United Kingdom
 
28 October 2024



Mac Zero Modular Buildings Limited
Company Registration Number: NI671775
STATEMENT OF FINANCIAL POSITION
as at 31 March 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 602,326 555,593
───────── ─────────
 
Current Assets
Inventories 5 411,066 67,986
Receivables 6 1,914,833 988,353
Cash and cash equivalents 25,097 132,650
───────── ─────────
2,350,996 1,188,989
───────── ─────────
Payables: amounts falling due within one year 7 (2,139,042) (1,481,466)
───────── ─────────
Net Current Assets/(Liabilities) 211,954 (292,477)
───────── ─────────
Total Assets less Current Liabilities 814,280 263,116
 
Payables:
amounts falling due after more than one year 8 (75,771) (40,652)
 
Provisions for liabilities 10 (23,456) (30,436)
───────── ─────────
Net Assets 715,053 192,028
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 714,953 191,928
───────── ─────────
Equity attributable to owners of the company 715,053 192,028
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 28 October 2024 and signed on its behalf by
           
           
________________________________          
Conor McAvoy          
Director          
           
           
________________________________
Orla Corr
Director
           



Mac Zero Modular Buildings Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Mac Zero Modular Buildings Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI671775. The registered office of the company is 45 Derryvale Road, Coalisland, Dungannon, BT71 4PB which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 12.5% Straight line
  Short leasehold property - 4% Straight line
  Plant and machinery - 20% Straight line
  Fixtures, fittings and equipment - 33% Straight line
  Motor vehicles - 25% Straight line
  Computer Equipment - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 25.
 
  2024 2023
  Number Number
 
Director 3 2
Other 22 17
  ───────── ─────────
  25 19
  ═════════ ═════════

                 
4. Property, plant and equipment
  Land and Short Plant and Fixtures, Motor Computer Equipment Total
  buildings leasehold machinery fittings and vehicles    
  freehold property   equipment      
  £ £ £ £ £ £ £
Cost
At 1 April 2023 237,725 223,724 64,556 22,817 60,428 14,782 624,032
Additions - 3,902 65,659 10,173 85,676 5,434 170,844
Disposals (7,300) (5,230) - - (23,491) - (36,021)
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 230,425 222,396 130,215 32,990 122,613 20,216 758,855
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 18,798 8,621 16,614 8,595 13,359 2,452 68,439
Charge for the financial year 28,803 9,077 17,949 8,356 25,983 4,043 94,211
On disposals (1,140) (87) - - (4,894) - (6,121)
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 46,461 17,611 34,563 16,951 34,448 6,495 156,529
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
Carrying amount
At 31 March 2024 183,964 204,785 95,652 16,039 88,165 13,721 602,326
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 218,927 215,103 47,942 14,222 47,069 12,330 555,593
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

           
4.1. Property, plant and equipment continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Carrying Depreciation Carrying Depreciation
  amount charge amount charge
  £ £ £ £
 
Plant and machinery 114,213 30,435 65,899 17,887
  ═════════ ═════════ ═════════ ═════════
       
5. Inventories 2024 2023
  £ £
 
Raw materials 411,066 67,986
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Receivables 2024 2023
  £ £
 
Trade receivables 717,886 90,560
Amounts owed by connected parties (Note 12) 493,000 -
Other debtors 617,872 68,659
Directors' current accounts (Note 13) - 64,577
Taxation  (Note 9) 46,725 100,837
Prepayments and accrued income 39,350 663,720
  ───────── ─────────
  1,914,833 988,353
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due within one year £ £
 
Net obligations under finance leases
and hire purchase contracts 41,612 19,035
Trade payables 1,362,264 1,046,657
Taxation  (Note 9) 261,795 148,647
Directors' current accounts 65,734 -
Other creditors 100,710 32,974
Accruals 306,927 234,153
  ───────── ─────────
  2,139,042 1,481,466
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Finance leases and hire purchase contracts 75,771 40,652
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 41,612 19,035
Repayable between one and five years 75,771 40,652
  ───────── ─────────
  117,383 59,687
  ═════════ ═════════
       
9. Taxation 2024 2023
  £ £
 
Receivables:
VAT 46,725 89,255
Subcontractors tax - 11,582
  ───────── ─────────
  46,725 100,837
  ═════════ ═════════
Payables:
Corporation tax 177,013 96,004
PAYE / NI 25,234 18,809
Construction industry scheme 59,548 33,834
  ───────── ─────────
  261,795 148,647
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 30,436 30,436 14,974
Charged to profit and loss (6,980) (6,980) 15,462
  ───────── ───────── ─────────
At financial year end 23,456 23,456 30,436
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2024.
           
12. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Mac Zero Modular Buildings Ireland Limited 493,000 493,000 - 493,000
  ───────── ───────── ───────── ═════════
 
Mac Zero Modular Buildings Ireland Limited
Orla Corr, Conor McAvoy and Mairead McAvoy are directors and shareholders in both Mac Zero Modular Buildings Limited and Mac Zero Modular Buildings Ireland Limited. During the year, net transactions between the two companies totalled £493,000. Therefore, as at 31 March 2024 Mac Zero Modular Buildings Ireland Limited owed Mac Zero Modular Buildings Limited a balance of £493,000.
   
13. Directors' advances, credits and guarantees
 
At at 1st April 2023, the company was owed by its directors £64,577. During the period net transactions between the company and its directors totalled £130,312. As at 31st March 2024 the company owed its directors £65,735. No interest is charged by the directors and the loan is repayable on demand.
   
14. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.