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Registered number: 05008762
Mac Imports Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton In Ashfield
Nottinghamshire
NG17 4EA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mr Mark Cohen
Secretary Mr Lynne Cohen
Company Number 05008762
Registered Office Unit 23c Orgreave Crescent
Dore House Industrial Estate
Sheffield
South Yorkshire
S13 9NQ
Accountants Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton In Ashfield
Nottinghamshire
NG17 4EA
Page 1
Page 2
Balance Sheet
Registered number: 05008762
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,491 6,288
8,491 6,288
CURRENT ASSETS
Stocks 5 598,901 546,403
Debtors 6 308,425 294,737
Cash at bank and in hand 24,095 14,660
931,421 855,800
Creditors: Amounts Falling Due Within One Year 7 (452,916 ) (457,209 )
NET CURRENT ASSETS (LIABILITIES) 478,505 398,591
TOTAL ASSETS LESS CURRENT LIABILITIES 486,996 404,879
Creditors: Amounts Falling Due After More Than One Year 8 (31,818 ) (59,091 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (653 ) (1,572 )
NET ASSETS 454,525 344,216
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 454,515 344,206
SHAREHOLDERS' FUNDS 454,525 344,216
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Cohen
Director
24/10/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Mac Imports Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05008762 . The registered office is Unit 23c Orgreave Crescent, Dore House Industrial Estate, Sheffield, South Yorkshire, S13 9NQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 33% reducing balance
Fixtures & Fittings 33% reducing balance
2.4. Leasing and Hire Purchase Contracts
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. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Taxation 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 years 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.
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 assets reflect 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.
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2.7. Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 62,349 70,308 132,657
Additions 4,663 - 4,663
As at 31 March 2024 67,012 70,308 137,320
Depreciation
As at 1 April 2023 59,642 66,727 126,369
Provided during the period 1,278 1,182 2,460
As at 31 March 2024 60,920 67,909 128,829
Net Book Value
As at 31 March 2024 6,092 2,399 8,491
As at 1 April 2023 2,707 3,581 6,288
5. Stocks
2024 2023
£ £
Stock 598,901 546,403
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 292,622 241,360
Other debtors 15,803 53,377
308,425 294,737
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 118,113 216,308
Bank loans and overdrafts 134,251 91,639
Other creditors 4,200 3,439
Taxation and social security 196,352 145,823
452,916 457,209
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 31,818 59,091
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 19,951 8,618
Later than one year and not later than five years 33,252 -
53,203 8,618
11. Directors Advances, Credits and Guarantees
At the balance sheet date, the directors were owed £487.78 (2023: £45.78) by the company.
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