US Snap Mac Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—9

1. General Information

US Snap Mac Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI622361 . The registered office is 1 An Tearmann, Stewartstown Road, Coalisland, Tyrone, BT71 4NQ.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's policies (see note 2.3).

The following principal accounting policies have been applied:

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Significant judgements and estimations

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.4. 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.

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US Snap Mac Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.5. 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	15%
Motor Vehicles	25%
Office Equipment	15%

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 and loss.

2.6. 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.

2.7. 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.

2.8. 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 I 02 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

...CONTINUED

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US Snap Mac Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.8. Financial Instruments - continued

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cashflows at the asset(s) original ieffective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit and loss.

Financial liabilities

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.

Basic financial liabilities, including creditors, bank loans. loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within on year are not amortised.

Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, tbey are presented as non-current liabilities.

Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cashflow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewardds are retained after the transfer of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.9. Foreign Currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

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US Snap Mac Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.10. 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.

2.11. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquistion and that are readily convertible to known amouunts of cash with insignificant risk of change in value.

2.12. Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

2.13. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 1)

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US Snap Mac Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Office Equipment	Total
	£	£	£	£
Cost
As at 1 February 2024	5,112	191,551	12,396	209,059
Additions	30	43,996	169	44,195
Disposals	-	(58,534 )	-	(58,534 )

As at 31 January 2025	5,142	177,013	12,565	194,720

Depreciation
As at 1 February 2024	3,498	132,498	5,499	141,495
Provided during the period	247	22,923	1,060	24,230
Disposals	-	(47,179 )	-	(47,179 )

As at 31 January 2025	3,745	108,242	6,559	118,546

Net Book Value
As at 31 January 2025	1,397	68,771	6,006	76,174

As at 1 February 2024	1,614	59,053	6,897	67,564

The net book value of tangible assets includes an amount of £73,385 (2024: £53,850) in respect of assets held under hire purchase agreements.

5. Stocks

	2025	2024
	£	£
Stock	256,317	185,258

6. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	966	966
Other debtors	-	2,637

	966	3,603

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US Snap Mac Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	26,977	12,725
Trade creditors	5,670	7,336
Bank loans and overdrafts	43,947	24,750
Corporation tax	3,439	184
Other taxes and social security	12,800	13,557
Accruals and deferred income	48,807	67,944

	141,640	126,496

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	42,790	26,298
Bank loans	7,500	29,625
Other creditors	79,221	34,688

	129,511	90,611

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	26,977	12,725
Later than one year and not later than five years	42,790	26,298

	69,767	39,023

	69,767	39,023

10. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	14,473	16,891

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US Snap Mac Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

11. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 February 2024	16,891	16,891
Deferred taxation	(2,418 )	(2,418 )

Balance at 31 January 2025	14,473	14,473

12. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

13. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	500	1,000

14. Related Party Transactions

The company has identified the following transactions which fall to be disclosed under the terms of FRS 102 paragraph 33.1A.

At 31 January 2025 the company owed the director £79,221 (2024: £34,688) and this is disclosed within other creditors (note 13). The movement in the balance during the year was £44,533 (2024: £10,061). These movements consist of amounts due to the director that were credited to him and offset by amounts withdrawn from the company by him.

15. Ultimate Controlling Party

The company's ultimate controlling party is Mr Martin Ward by virtue of his ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		76,174		67,564

			76,174		67,564
CURRENT ASSETS
Stocks	5	256,317		185,258
Debtors	6	966		3,603
Cash at bank and in hand		1		216

		257,284		189,077
Creditors: Amounts Falling Due Within One Year	7	(141,640 )		(126,496 )

NET CURRENT ASSETS (LIABILITIES)			115,644		62,581

TOTAL ASSETS LESS CURRENT LIABILITIES			191,818		130,145

Creditors: Amounts Falling Due After More Than One Year	8		(129,511 )		(90,611 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	10		(14,473 )		(16,891 )

NET ASSETS			47,834		22,643

CAPITAL AND RESERVES
Called up share capital	12		1		1
Profit and Loss Account			47,833		22,642

SHAREHOLDERS' FUNDS			47,834		22,643