Company registration number 12757284 (England and Wales)
MAC GROUNDWORK'S AND CONSTRUCTION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MAC GROUNDWORK'S AND CONSTRUCTION LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
MAC GROUNDWORK'S AND CONSTRUCTION LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
30 July 2024
31 July 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
155,738
55,554
Current assets
Debtors
4
708,238
996,585
Cash at bank and in hand
23,777
106,546
732,015
1,103,131
Creditors: amounts falling due within one year
5
(497,989)
(875,244)
Net current assets
234,026
227,887
Total assets less current liabilities
389,764
283,441
Creditors: amounts falling due after more than one year
6
(131,395)
(27,913)
Provisions for liabilities
7
(12,590)
(10,555)
Net assets
245,779
244,973
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
245,777
244,971
Total equity
245,779
244,973
MAC GROUNDWORK'S AND CONSTRUCTION LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
For the financial period ended 30 July 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 period in question in accordance with section 476.
The director acknowledges his 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 director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
B J Aspey
Director
Company registration number 12757284 (England and Wales)
MAC Groundwork's and Construction Ltd
MAC GROUNDWORK'S AND CONSTRUCTION LTD
Notes to the Financial Statements
for the period ended 30 July 2024
- 3 -
1
Accounting policies
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.
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.
Turnover is recognised upon the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Motor vehicles
25% reducing balance
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
MAC Groundwork's and Construction Ltd
MAC GROUNDWORK'S AND CONSTRUCTION LTD
Notes to the Financial Statements (CONTINUED)
for the period ended 30 July 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
14
6
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 August 2023
14,394
55,953
70,347
Additions
131,490
131,490
At 30 July 2024
14,394
187,443
201,837
Depreciation and impairment
At 1 August 2023
4,222
10,571
14,793
Depreciation charged in the period
2,034
29,272
31,306
At 30 July 2024
6,256
39,843
46,099
Carrying amount
At 30 July 2024
8,138
147,600
155,738
At 31 July 2023
10,172
45,382
55,554
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
361,478
795,973
Other debtors
346,760
200,612
708,238
996,585
MAC Groundwork's and Construction Ltd
MAC GROUNDWORK'S AND CONSTRUCTION LTD
Notes to the Financial Statements (CONTINUED)
for the period ended 30 July 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under hire purchase agreements
27,293
7,797
Invoice finance
193,424
542,539
Trade creditors
192,346
200,867
Corporation tax
44,993
Other taxation and social security
38,203
62,711
Other creditors
27,281
14,043
Accruals and deferred income
19,442
2,294
497,989
875,244
The obligations under hire purchase contracts are secured against the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
47,998
Obligations under hire purchase agreements
83,397
27,913
131,395
27,913
The obligations under hire purchase contracts are secured against the assets to which they relate.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
12,590
10,555
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
Ordinary B shares of £1 each
1
1
1
1
2
2
2
2