Company registration number 01070053 (England and Wales)
MACVERE (ENGINEERING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MACVERE (ENGINEERING) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MACVERE (ENGINEERING) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. G Macey
Mr. M Macey
Secretary
Mr. G Macey
Company number
01070053
Registered office
Unit 2
Kingscroft Court
Ridgway
Havant
Hampshire
United Kingdom
PO9 1LS
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MACVERE (ENGINEERING) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,403
40,716
Current assets
Stocks
28,742
29,365
Debtors
4
98,226
88,829
Cash at bank and in hand
301
1,287
127,269
119,481
Creditors: amounts falling due within one year
5
(159,889)
(152,224)
Net current liabilities
(32,620)
(32,743)
Total assets less current liabilities
2,783
7,973
Capital and reserves
Called up share capital
6
110
110
Profit and loss reserves
2,673
7,863
Total equity
2,783
7,973
MACVERE (ENGINEERING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 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 4 March 2025 and are signed on its behalf by:
Mr. G Macey
Director
Company Registration No. 01070053
The notes on pages 4 to 8 form part of these financial statements
MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Macvere (Engineering) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Kingscroft Court, Ridgway, Havant, Hampshire, United Kingdom, PO9 1LS.
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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In preparing these financial statements the directors are required to consider the appropriateness of the going concern assumption, the ability of the company to continue to operate for a period of at least 12 months after the date the financial statements are approved. true
As at 31 August 2024, the company had net current liabilities of £32,620 (2023 - £32,743).
It is the intention of the directors to cease trading and potentially liquidate the company. Accordingly, the directors have assessed that it is not appropriate for the financial statements to be prepared on the going concern basis.
Financial statements prepared on a basis other than going concern, present all assets at the lower of their cost or realisable value, and present all liabilities as falling due within one year at the value of the future cash outflows expected. Although these financial statements have been prepared on a basis other than going concern, due to the nature of the company's assets and liabilities at its balance sheet date, and no current valuations to support the recoverable value of fixed assets, there has been no impact on the reported performance or position of the company as a result of the financial statements having been prepared on this basis.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.4
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 calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant, machinery and tools
15% reducing balance
Office equipment
15%-33% reducing balance
Motor vehicles
25% reducing balance
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
Stocks
Stocks are valued at the lower of costs and net realisable value, after making due allowance for absolute and slow moving items.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
1.8
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.
1.9
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 profit and loss account 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.
MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
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 assets and 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.
1.10
Retirement benefits
The company provides pensions to directors and employees with long term contracts through separate defined contribution pension schemes. The assets of the scheme are held separately from those of the company.
The annual contributions payable are charged to the profit and loss account.
1.11
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
3
Tangible fixed assets
Plant, machinery and tools
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
898,496
73,898
7,000
979,394
Additions
985
985
At 31 August 2024
898,496
74,883
7,000
980,379
Depreciation and impairment
At 1 September 2023
859,439
72,405
6,834
938,678
Depreciation charged in the year
5,859
397
42
6,298
At 31 August 2024
865,298
72,802
6,876
944,976
Carrying amount
At 31 August 2024
33,198
2,081
124
35,403
At 31 August 2023
39,057
1,493
166
40,716
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
98,226
88,829
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank overdrafts
57,472
57,572
Trade creditors
38,785
41,329
Other taxation and social security
33,506
17,796
Other creditors
27,126
32,527
Accruals and deferred income
3,000
3,000
159,889
152,224
The bank borrowings are secured by a fixed and floating charge.
MACVERE (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 5p each
2,000
2,000
100
100
Ordinary A shares of 5p each
100
100
5
5
Ordinary B shares of 5p each
100
100
5
5
2,200
2,200
110
110