Registered number
07036936
Macol Systems Limited
Unaudited Filleted Financial Statements
For The Period Ended
31 December 2024
Macol Systems Limited
Registered number: 07036936
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,304 4,652
Current assets
Debtors 4 84,788 84,031
Cash at bank and in hand 243,780 241,095
328,568 325,126
Creditors: amounts falling due within one year 5 (31,308) (52,915)
Net current assets 297,260 272,211
Total assets less current liabilities 300,564 276,863
Provisions for liabilities (826) (1,163)
Net assets 299,738 275,700
Capital and reserves
Called up share capital 100 100
Profit and loss account 299,638 275,600
Shareholder's funds 299,738 275,700
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R MacAlonan
Director
Approved by the board on 23 April 2025
Macol Systems Limited
Notes to the Financial Statements
for the period from 1 November 2023 to 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% Reducing Balance
Equipment 33% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Fixtures and fittings Equipment Total
£ £ £
Cost
At 1 November 2023 8,695 14,056 22,751
At 31 December 2024 8,695 14,056 22,751
Depreciation
At 1 November 2023 6,392 11,707 18,099
Charge for the period 760 588 1,348
At 31 December 2024 7,152 12,295 19,447
Net book value
At 31 December 2024 1,543 1,761 3,304
At 31 October 2023 2,303 2,349 4,652
4 Debtors 2024 2023
£ £
Trade debtors 84,536 83,175
Other debtors 252 856
84,788 84,031
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 63 549
Taxation and social security costs 30,393 49,746
Other creditors 852 2,620
31,308 52,915
6 Other information
Macol Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Station, Coastal Road
Hest Bank
Lancaster
LA2 6HN
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