Company registration number 03505124 (England and Wales)
Makins Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Makins Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
Makins Limited
Statement Of Financial Position
as at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,783,141
7,771,849
Current assets
Stocks
320,181
30,990
Debtors
241,478
220,435
Cash at bank and in hand
27,509
2,955
589,168
254,380
Creditors: amounts falling due within one year
(1,316,276)
(1,144,023)
Net current liabilities
(727,108)
(889,643)
Total assets less current liabilities
7,056,033
6,882,206
Creditors: amounts falling due after more than one year
(2,924,178)
(3,467,239)
Provisions for liabilities
4
(585,108)
(460,884)
Net assets
3,546,747
2,954,083
Capital and reserves
Called up share capital
340,002
340,002
Revaluation reserve
1,500,000
1,500,000
Profit and loss reserves
1,706,745
1,114,081
Total equity
3,546,747
2,954,083
Makins Limited
Statement Of Financial Position (continued)
as at 31 March 2024
31 March 2024
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement 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 directors acknowledge their 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 by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
C Makin
S Rafferty
Director
Director
Company Registration No. 03505124
Makins Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
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.
Tangible fixed assets
The directors consider that the freehold property is maintained in such a state of repair that the residual value is at least equal to its book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.
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:
Freehold land and buildings
No depreciation
Plant and equipment
5 year straight line
Fixtures and fittings
5 year straight line
Motor vehicles
5 year straight line
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Makins Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
24
3
Tangible fixed assets
Total
£
Cost
At 1 April 2023
8,722,940
Additions
233,866
Disposals
(4,750)
At 31 March 2024
8,952,056
Depreciation and impairment
At 1 April 2023
951,091
Depreciation charged in the year
222,574
Eliminated in respect of disposals
(4,750)
At 31 March 2024
1,168,915
Carrying amount
At 31 March 2024
7,783,141
At 31 March 2023
7,771,849
4
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
585,108
460,884
5
Company information
Makins Limited is a private company limited by shares incorporated in England and Wales. The registered office is Leeds East Airport, Church Fenton, Tadcaster, North Yorkshire, LS24 9SE.