Macbeth 12 Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Macbeth 12 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04838377 . The registered office is Unit 12 Hanover West Industrial Estate, Acton Lane, London, NW10 7NB.

2. Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. Going Concern Disclosure

The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.

3.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.

3.5. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are franchise fees. It is amortised to the profit and loss account over its estimated economic life of 10 years.

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	10 years straight line
Motor Vehicles	3 years straight line
Fixtures & Fittings	10 years straight line
Computer Equipment	5 years straight line

3.7. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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Macbeth 12 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3.8. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3.9. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.11. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.12. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3.13. Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

4. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2024: 12)

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Macbeth 12 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Intangible Assets

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	298,465	55,000	353,465

As at 31 March 2025	298,465	55,000	353,465

Amortisation
As at 1 April 2024	298,465	38,750	337,215
Provided during the period	-	3,000	3,000

As at 31 March 2025	298,465	41,750	340,215

Net Book Value
As at 31 March 2025	-	13,250	13,250

As at 1 April 2024	-	16,250	16,250

6. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	24,571	257,917	43,200	82,477	408,165
Additions	13,138	115,367	-	1,063	129,568
Disposals	-	(27,090 )	-	-	(27,090 )

As at 31 March 2025	37,709	346,194	43,200	83,540	510,643

Depreciation
As at 1 April 2024	9,564	171,876	35,745	78,279	295,464
Provided during the period	2,652	47,682	1,836	3,113	55,283
Disposals	-	(24,909 )	-	-	(24,909 )

As at 31 March 2025	12,216	194,649	37,581	81,392	325,838

Net Book Value
As at 31 March 2025	25,493	151,545	5,619	2,148	184,805

As at 1 April 2024	15,007	86,041	7,455	4,198	112,701

7. Investments

	Subsidiaries
	£
Cost
As at 1 April 2024	527,915
Additions	50,000

As at 31 March 2025	577,915

Provision
As at 1 April 2024	-

As at 31 March 2025	-

...CONTINUED

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Macbeth 12 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	577,915

As at 1 April 2024	527,915

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights	and shares held
Subsidiary undertakings			2024	2023
Pirtek (Watford) Ltd	Unit 10 The Empire Centre Imperial Way Watford Hertfordshire WD24 4YH	Ordinary	100%	100%
Hydraulic Solutions Ltd	Unit 11 Liongate Enterprise Park 80 Morden Road Mitcham Surrey CR4 4NY	Ordinary	100%	100%

Subsidiary undertakings

Pirtek (Watford) Ltd

The principal activity of Pirtek (Watford) Ltd is the repair and retail of hydraulic hoses.

Hydraulic Solutions Ltd

The principal activity of Hydraulic Solutions Ltd is the repair and retail of hydraulic hoses.

8. Stocks

	2025	2024
	£	£
Materials	106,733	131,822
Materials provision	(20,000 )	(20,000 )

	86,733	111,822

9. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	459,614	347,370
Amounts owed by participating interests	657,955	572,277
Other debtors	57,546	43,524

	1,175,115	963,171

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Macbeth 12 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	46,903	43,795
Trade creditors	280,047	177,246
Bank loans and overdrafts	25,025	58,217
Other loans	-	46,426
Amounts owed to participating interests	182,718	182,718
Other creditors	227,410	102,421
Taxation and social security	56,025	84,395

	818,128	695,218

11. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	96,024	61,932
Other loans	-	25,025

	96,024	86,957

12. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	25,025	58,217
Other loans	-	46,426

	25,025	104,643

	2025	2024
	£	£
Amounts falling due between one and five years:
Other loans	-	25,025

13. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	46,903	43,795
Later than one year and not later than five years	96,024	61,932

	142,927	105,727

	142,927	105,727

14. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	40,000	40,000

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Macbeth 12 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

15. Related Party Disclosures

Transactions with directors

All directors remuneration was paid under normal market conditions.

Summary of transactions with other related parties

AW Hydraulic Services Ltd, Sageglen Ltd, Dappleflair Ltd, Pirtek Watford Ltd, Hydraulic Solutions Ltd, Berkshire Hydraulic Solutions Ltd, Metaldance Ltd and AMW Hydraulics Limited.

All above listed companies are under the common controol of Mr A & Miss C Williams.

The company had outstanding loans to Sageglen Ltd and Dappleflair Ltd at the year end.

All sales and purchases with entities under common control were conducted under normal market conditions.

Loans to related parties

	Other related parties	Total
2025	£	£
At start of period	572,277	572,277
Advanced	85,678	85,678

At end of period	657,955	657,955

	Other related parties	Total
2024	£	£
At start of period	629,954	629,954
Advanced	137,277	137,277
Repaid	(194,954)	(194,954)
At end of period	572,277	572,277

Terms of loans to related parties

There are no repayment terms attached to the loans to other related parties and no interest charged. The loans are repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	5		13,250		16,250
Tangible Assets	6		184,805		112,701
Investments	7		577,915		527,915

			775,970		656,866
CURRENT ASSETS
Stocks	8	86,733		111,822
Debtors	9	1,175,115		963,171
Cash at bank and in hand		231,392		303,303

		1,493,240		1,378,296
Creditors: Amounts Falling Due Within One Year	10	(818,128 )		(695,218 )

NET CURRENT ASSETS (LIABILITIES)			675,112		683,078

TOTAL ASSETS LESS CURRENT LIABILITIES			1,451,082		1,339,944

Creditors: Amounts Falling Due After More Than One Year	11		(96,024 )		(86,957 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(46,201 )		(28,175 )

NET ASSETS			1,308,857		1,224,812

CAPITAL AND RESERVES
Called up share capital	14		40,000		40,000
Profit and Loss Account			1,268,857		1,184,812

SHAREHOLDERS' FUNDS			1,308,857		1,224,812