Company registration number 11459508 (England and Wales)
MACKNADE LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Pages For Filing With Registrar
Macknade Limited
MACKNADE LIMITED
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Macknade Limited
MACKNADE LIMITED
Balance Sheet
As At 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
36,065
Investments
5
1
2
36,066
2
Current assets
Debtors
6
15,403
77,824
Cash at bank and in hand
5,464
51,804
20,867
129,628
Creditors: amounts falling due within one year
7
(178,387)
(228,195)
Net current liabilities
(157,520)
(98,567)
Net liabilities
(121,454)
(98,565)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(121,554)
(98,665)
Total equity
(121,454)
(98,565)
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
Mr SM Cuomo
Director
Company registration number 11459508 (England and Wales)
Macknade Limited
MACKNADE LIMITED
Notes To The Financial Statements
For The Year Ended 31 March 2024
- 2 -
1
Accounting policies
Company information
Macknade Limited is a private company limited by shares incorporated in England and Wales. The registered office is Macknade Fine Foods, Selling Road, Faversham, Kent, England, ME13 8XF.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.3
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:
Leasehold land and buildings
Not depreciated
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Macknade Limited
MACKNADE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Macknade Limited
MACKNADE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 4 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023
Additions
36,065
At 31 March 2024
36,065
Depreciation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
36,065
At 31 March 2023
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 & 31 March 2024
2
Impairment
At 1 April 2023
-
Disposals
1
At 31 March 2024
1
Carrying amount
At 31 March 2024
1
At 31 March 2023
2
Macknade Limited
MACKNADE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
15,403
62,566
Other debtors
15,258
15,403
77,824
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
570
Amounts owed to group undertakings
128,673
183,863
Taxation and social security
46,328
41,609
Other creditors
3,386
2,153
178,387
228,195