Company registration number 05788069 (England and Wales)
MC FLY ENTERPRISES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
MC FLY ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
Mr A G Mack
Mrs S F Mack
Secretary
Mrs S F Mack
Company number
05788069
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
Carpenter Box
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
Business address
Charlwood House
Legsheath Lane
East Grinstead
West Sussex
RH19 4JW
MC FLY ENTERPRISES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
3
Income statement
4
Statement of financial position
5
Statement of changes in equity
6
Notes to the financial statements
7 - 9
MC FLY ENTERPRISES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of renting and leasing of boats.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A G Mack
Mrs S F Mack
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A G Mack
Director
14 August 2024
MC FLY ENTERPRISES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MC FLY ENTERPRISES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MC FLY ENTERPRISES LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mc Fly Enterprises Limited for the year ended 30 April 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Mc Fly Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mc Fly Enterprises Limited and state those matters that we have agreed to state to the board of directors of Mc Fly Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mc Fly Enterprises Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mc Fly Enterprises 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 loss of Mc Fly Enterprises Limited. You consider that Mc Fly Enterprises Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mc Fly Enterprises Limited. For this reason, we have not verified the 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.
Carpenter Box
18 August 2024
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
MC FLY ENTERPRISES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
2024
2023
£
£
Revenue
29,634
37,831
Cost of sales
(34,888)
(34,910)
Gross (loss)/profit
(5,254)
2,921
Administrative expenses
(3,594)
(3,557)
Loss before taxation
(8,848)
(636)
Tax on loss
Loss for the financial year
(8,848)
(636)
The income statement has been prepared on the basis that all operations are continuing operations.
MC FLY ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 5 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
200,057
234,946
Current assets
Trade and other receivables
4
271
277
Cash and cash equivalents
445
1,233
716
1,510
Current liabilities
5
(640,399)
(667,234)
Net current liabilities
(639,683)
(665,724)
Net liabilities
(439,626)
(430,778)
Equity
Called up share capital
6
1
1
Retained earnings
(439,627)
(430,779)
Total equity
(439,626)
(430,778)
For the financial year ended 30 April 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 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 14 August 2024 and are signed on its behalf by:
Mr A G Mack
Director
Company registration number 05788069 (England and Wales)
MC FLY ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 May 2022
1
(430,143)
(430,142)
Year ended 30 April 2023:
Loss and total comprehensive income
-
(636)
(636)
Balance at 30 April 2023
1
(430,779)
(430,778)
Year ended 30 April 2024:
Loss and total comprehensive income
-
(8,848)
(8,848)
Balance at 30 April 2024
1
(439,627)
(439,626)
MC FLY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
1
Accounting policies
Company information
Mc Fly Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
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. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the going concern basis appropriate despite the negative reserves. The company meets its working capital requirement by way of support from the directors. The directors have confirmed that they will continue to support the company so that it will settle liabilities as they fall due for a period of 12 months from the date of signing the financial statements.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.4
Property, plant and equipment
Property, plant and equipment 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:
Computer equipment
33% straight line
Yachts
10% 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.
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
MC FLY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price and are subsequently carried at amortised cost. Financial liabilities classified as payable within one year are not amortised.
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
Employee benefits
During the year employees may have benefited from services provided by the business. This is treated as a fair value transaction, with the consideration received being deducted from cost of sales.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).
3
Property, plant and equipment
Computer equipment
Yachts
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
2,173
348,883
351,056
Depreciation and impairment
At 1 May 2023
2,173
113,937
116,110
Depreciation charged in the year
34,889
34,889
At 30 April 2024
2,173
148,826
150,999
Carrying amount
At 30 April 2024
200,057
200,057
At 30 April 2023
234,946
234,946
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
29
Prepayments and accrued income
271
248
271
277
MC FLY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
5
Current liabilities
2024
2023
£
£
Other payables
637,899
664,734
Accruals and deferred income
2,500
2,500
640,399
667,234
Other payables relate to amounts owed to the directors. Further details can be found in note 7.
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Directors' transactions
At the reporting date, the amount owed to the directors was £637,899 (2023 - £664,734). No interest is charged on the loan and it is considered repayable on demand.
During the year, the directors paid £959 (2023 - £959) for services rendered by the company.