MACRO (EUROPE) LIMITED

Company Registration Number:
06897543 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2024

Period of accounts

Start date: 01 January 2023

End date: 30 June 2024

MACRO (EUROPE) LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Balance sheet
Notes

MACRO (EUROPE) LIMITED

Balance sheet

As at 30 June 2024


Notes

18 months to 30 June 2024

2022


£

£
Fixed assets
Investments: 3 251,000 251,000
Total fixed assets: 251,000 251,000
Current assets
Debtors: 4 11,802,000 7,560,000
Cash at bank and in hand: 1,808,000 3,757,000
Total current assets: 13,610,000 11,317,000
Creditors: amounts falling due within one year: 5 (13,087,000) (10,047,000)
Net current assets (liabilities): 523,000 1,270,000
Total assets less current liabilities: 774,000 1,521,000
Total net assets (liabilities): 774,000 1,521,000
Capital and reserves
Called up share capital: 100 100
Other reserves: (28,100) 332,900
Profit and loss account: 802,000 1,188,000
Shareholders funds: 774,000 1,521,000

The notes form part of these financial statements

MACRO (EUROPE) LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 March 2025
and signed on behalf of the board by:

Name: Christopher Alan Bampton
Status: Director

The notes form part of these financial statements

MACRO (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognition Revenue is measured based on the principles set out in FRS101 at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services in the normal course of business, net of discounts, VAT and other sales related tax. Revenue is recognised in the period in which the performance obligations are satisfied. Margin is calculated by reference to total project revenue less costs incurred to deliver the services.

Other accounting policies

Going concern The Directors of the Company have considered the consequences of trading events and conditions it can predict now and, in the future, and it has determined that they do not create a material uncertainty that casts significant doubt upon the Company’s ability to continue as a going concern. The Company’s activities are supported by the parent so the going concern of the Group has also been considered as part of the going concern review of the Company. The Directors have carried out an assessment of the Group's ability to continue as a going concern for the period of at least 18 months from the date of approval of the financial statements. The assessment has involved a review of forecasts based on the Group's Business Strategy which reflects the impact of the 18 months of trading after the balance sheet date. For that reason, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future and so it considers it appropriate for the period ended 30 June 2024 financial accounts to be prepared on a going concern basis. Changes in accounting policies as a result of new standards issued and effective None of the standards, interpretations and amendments effective for the first time from 1 January 2023 have had a material effect on the financial statements. Standards and interpretations in issue but not yet effective A number of new standards and amendments to existing standards have been published which are mandatory, but are not effective for the period ended 30 June 2024. The directors do not anticipate that the adoption of these revised standards and interpretations will have a significant impact on the figures included in the financial statements in the period of initial application. Foreign currency transactions and balances Transactions denominated in foreign currencies are recorded at the exchange rates in effect when they take place. Resulting foreign currency denominated assets and liabilities are translated at the exchange rates ruling at the reporting date. Exchange differences arising from foreign currency transactions are reflected in the income statement. The assets and liabilities of overseas subsidiary undertakings are translated at the rate of exchange ruling at the reporting date. Trading profits or losses are translated at average rates prevailing during the accounting period. Differences on exchange arising from the retranslation of net investments in overseas subsidiary undertakings at the year-end rates are recognised in other comprehensive income. All other translation differences are reflected in the income statement. Operate contracts Operate contracts include fees for facilities management, helpdesk and consultancy services. Due to the diversity of services delivered, the division uses different types of contracts to suit the different delivery and pricing arrangements. Fixed price, cost plus and guaranteed maximum price contracts may be used and are all typically accounted for as a single performance obligation. Even when a contract includes an array of different service lines, they are considered to form a single performance obligation, matching the intent of the contract. For fixed price contracts, the Group typically receives payments from the customer based on a contractual schedule of values. This schedule reflects the timing and performance of service delivery, as well as the achievement of key performance indicators (KPIs). For cost-plus contracts, the Group has the contractual entitlement to bill clients based on costs incurred, plus an agreed markup or at an agreed charge-out rate. For guaranteed maximum price contracts, billings is based on a cost-plus basis but capped at the agreed contractual price. Once the capped amount is reached, no further revenue can be recognized unless the price is adjusted following a change control process. Throughout the duration of these contracts, the pricing may change, subject to an agreed-upon change control process, which could either increase or decrease the total contract value. In all cases, revenue is recognized over time in accordance with the contract terms. Any un-invoiced amounts are presented as accrued income. Contract costs Costs to obtain a contract are expensed unless they are incremental, i.e. they would not have been incurred if the contract had not been obtained, and the contract is expected to be sufficiently profitable for them to be recovered. Costs to fulfil a contract are expensed unless they relate to an identified contract, generate or enhance resources that will be used to satisfy the obligations under the contract in future years and the contract is expected to be sufficiently profitable for them to be recovered. Where costs are capitalised, they are amortised over the shorter of the period for which revenue and profit can be forecast with reasonable certainty and the duration of the contract except where the contract becomes loss making. If the contract becomes loss making, all capitalised costs related to that contract are immediately expensed. Where work has been carried out, but applications have not been applied for or certified, the value of the work is recognised as a contract asset until the right payment becomes unconditional. This differs to classification as contract receivables which relate to accrued income for work performed where the right to payment is unconditional. Tax The tax expense consists of the tax currently payable and deferred tax. The current tax payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income due to the exclusion of items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The liability for current tax is calculated using the tax rates prevailing for the year. Deferred tax is the tax expected to be payable or recoverable on 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 and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences; deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the tax rates that have been enacted or substantively enacted at the statement of financial position date. The measurement of deferred tax liabilities and assets reflects 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. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. When current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Share capital Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Defined contribution pension obligation The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Financial Instruments Financial assets and financial liabilities are recognised on the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument. The principal financial assets and liabilities of the Company are as follows: Financial assets at amortised cost Trade and other receivables are initially recognised at their transaction price and are subsequently measured at amortised cost less any allowance for expected credit losses. Interest recognised on overdue trade receivables is recognised as other income, within operating profit. Impairment of financial assets The Company recognises lifetime expected credit losses for trade receivables, contract assets and loans to joint ventures. The expected credit losses on trade receivables are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as anticipated future trading conditions at the reporting date. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with a maturity of three months or less at inception. Bank overdrafts are presented as current liabilities to the extent that there is no right of offset with cash balances. Investments Investments in subsidiary undertakings are stated at cost less any provision for impairment. Trade and other payables Trade and other payables are not interest bearing and are stated initially at fair value and subsequently held at amortised cost. Financial liabilities and equity Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations rather than the financial instrument's legal form. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs. Derivative financial instruments Financial assets and liabilities are recognised on the Company’s statement of financial position when the Company becomes party to the contractual provision of the instrument. The Company uses derivative financial instruments to manage its exposure to foreign exchange risks. In accordance with its treasury policy, the Company does not hold or issue derivative financial instruments for trading purposes. As the Company has not adopted hedge accounting, fair value of derivative contracts are recognised as fair value through profit and loss.

MACRO (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

2. Employees

18 months to 30 June 2024 2022
Average number of employees during the period 113 98

MACRO (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Fixed investments

Investments Investments in subsidiary undertakings are stated at cost less any provision for impairment. Name of subsidiary: 1. Mace Macro Luxembourg S.a.r.l 2. Macro (Poland) Limited 3. Macro Workplace (Ireland) Limited

MACRO (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

18 months to 30 June 2024 2022
££
Debtors due after more than one year: 0 0

MACRO (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Creditors: amounts falling due within one year note

Trade payables (2024) 1,437,000 (2022) 711,000 Accruals and deferred income (2024) 3,898,000 (2022) 2,270,000 Amounts due to related parties (2024) 6,917,000 (2022) 6,314,000 Other taxation and social security (2024) 530,000 (2022) 555,000 Other payables (2024) 259,000 (2022) 47,000 Tax liability (2024) 46,000 (2022) 150,000 Total 30JUN2024 13,087,000 Total 31DEC2022 10,047,000

MACRO (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Related party transactions

Name of the related party:
Relationship:
Affiliate Company
Description of the Transaction: Loan of an asset.
£
Balance at 01 January 2023 2,777,000
Balance at 30 June 2024 5,998,000
Name of the related party:
Relationship:
Affliate Company
Description of the Transaction: Fees for services rendered.
£
Balance at 01 January 2023 6,314,000
Balance at 30 June 2024 6,917,000