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REGISTERED NUMBER: 03473521 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

MAF ENGINEERING (UK) LIMITED

MAF ENGINEERING (UK) LIMITED (REGISTERED NUMBER: 03473521)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MAF ENGINEERING (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: S J Finchett
A M Finchett



SECRETARY: S J Finchett



REGISTERED OFFICE: 25 Grosvenor Road
Wrexham
LL11 1BT



REGISTERED NUMBER: 03473521 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25, Grosvenor Road
Wrexham
LL11 1BT



BANKERS: HSBC Bank plc.
17-19 Regent Street
Wrexham
LL11 1RY

MAF ENGINEERING (UK) LIMITED (REGISTERED NUMBER: 03473521)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,826 17,933

CURRENT ASSETS
Debtors 5 312,996 278,414
Investments 6 10,000 10,000
Cash at bank 5,416 10,466
328,412 298,880
CREDITORS
Amounts falling due within one year 7 568,862 629,317
NET CURRENT LIABILITIES (240,450 ) (330,437 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(222,624

)

(312,504

)

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (222,724 ) (312,604 )
SHAREHOLDERS' FUNDS (222,624 ) (312,504 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd December 2024 and were signed on its behalf by:





A M Finchett - Director


MAF ENGINEERING (UK) LIMITED (REGISTERED NUMBER: 03473521)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

MAF Engineering (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover has arisen wholly within the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment - 20% on cost
Motor vehicles - 25% on cost

No depreciation is provided in respect of freehold property.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MAF ENGINEERING (UK) LIMITED (REGISTERED NUMBER: 03473521)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Investments
Current asset investments are stated at cost less provision for any impairment. For listed investments, market value is based on the closing middle market price.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings Motor
land & equipment vehicles Totals
£    £    £    £   
COST
At 1st April 2023 15,000 118,324 18,500 151,824
Additions - 1,543 - 1,543
At 31st March 2024 15,000 119,867 18,500 153,367
DEPRECIATION
At 1st April 2023 - 116,139 17,752 133,891
Charge for year - 903 747 1,650
At 31st March 2024 - 117,042 18,499 135,541
NET BOOK VALUE
At 31st March 2024 15,000 2,825 1 17,826
At 31st March 2023 15,000 2,185 748 17,933

Included in cost of land and buildings is freehold land of £ 15,000 (2023 - £ 15,000 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 274,532 215,607
Deferred tax asset 33,811 55,848
Prepayments 4,653 6,959
312,996 278,414

6. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£    £   
Unlisted investments 10,000 10,000

MAF ENGINEERING (UK) LIMITED (REGISTERED NUMBER: 03473521)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 29,580 24,789
Tax 112 -
Social security and other taxes 34,421 69,965
VAT 111,806 137,149
Other creditors 1,010 2,109
MAF pension scheme 101,091 124,638
Directors' current accounts 261,154 262,180
Accrued expenses 29,688 8,487
568,862 629,317

8. DEFERRED TAX
£   
Balance at 1st April 2023 (55,848 )
Movement during the due to:
changes in tax rates
changes in tax allowances 7
changes in tax losses 22,030
Balance at 31st March 2024 (33,811 )

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

10. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements - -

11. RELATED PARTY DISCLOSURES

The company was charged rent by MAF Engineering UK Limited Executive Pension Plan in the year, the sum of £21,750 (2023: £21,750).

At the year end the company has a balance due from MAF Engineering UK Limited Executive Pension Plan in the sum of £109,101 (2023: £124,638). This amount is shown in creditors: amounts falling due within one year.