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Company No: 07078152 (England and Wales)

MAC ELEVEN LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

MAC ELEVEN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

MAC ELEVEN LIMITED

BALANCE SHEET

As at 31 March 2025
MAC ELEVEN LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 4 2,881 1,448
2,881 1,448
Current assets
Debtors 5 131,506 151,534
Cash at bank and in hand 16,308 ( 8,480)
147,814 143,054
Creditors: amounts falling due within one year 6 ( 65,602) ( 60,807)
Net current assets 82,212 82,247
Total assets less current liabilities 85,093 83,695
Creditors: amounts falling due after more than one year 7 ( 3,161) ( 7,284)
Net assets 81,932 76,411
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 81,832 76,311
Total shareholders' funds 81,932 76,411

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mac Eleven Limited (registered number: 07078152) were approved and authorised for issue by the Board of Directors on 14 May 2025. They were signed on its behalf by:

Mr A Macgowan
Director
MAC ELEVEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
MAC ELEVEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mac Eleven Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax. The company recognises revenue based on its value of the service provided to date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2024 10,000 10,000
At 31 March 2025 10,000 10,000
Accumulated amortisation
At 01 April 2024 10,000 10,000
At 31 March 2025 10,000 10,000
Net book value
At 31 March 2025 0 0
At 31 March 2024 0 0

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 April 2024 523 8,121 8,644
Additions 0 2,189 2,189
At 31 March 2025 523 10,310 10,833
Accumulated depreciation
At 01 April 2024 523 6,673 7,196
Charge for the financial year 0 756 756
At 31 March 2025 523 7,429 7,952
Net book value
At 31 March 2025 0 2,881 2,881
At 31 March 2024 0 1,448 1,448

5. Debtors

2025 2024
£ £
Trade debtors 18,843 34,566
Other debtors 112,663 116,968
131,506 151,534

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans and overdrafts 16,609 4,023
Trade creditors 47 225
Accruals 2,300 2,250
Corporation tax 40,836 44,049
Other taxation and social security 5,810 10,260
65,602 60,807

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 3,161 7,284

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2025 2024
£ £
Directors loan account brought forward 116,971 86,706
Advances to directors including interest charged 147,689 157,065
Repayments by directors (152,723) (126,800)
Directors loan account carried forward 111,937 116,971

During the year, the company operated a loan account with its directors. The loan is repayable on demand and interest is charged on balances over £10,000 at the rate stipulated by HMRC.