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Registered number: 05008762
Mac Imports Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton In Ashfield
Nottinghamshire
NG17 4EA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mr Mark Cohen
Secretary Mrs Lynne Cohen
Company Number 05008762
Registered Office Unit 23c Orgreave Crescent
Dore House Industrial Estate
Sheffield
South Yorkshire
S13 9NQ
Accountants Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton In Ashfield
Nottinghamshire
NG17 4EA
Page 1
Page 2
Balance Sheet
Registered number: 05008762
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,898 8,491
7,898 8,491
CURRENT ASSETS
Stocks 5 661,436 598,901
Debtors 6 236,518 308,425
Cash at bank and in hand 15,595 24,095
913,549 931,421
Creditors: Amounts Falling Due Within One Year 7 (458,862 ) (452,916 )
NET CURRENT ASSETS (LIABILITIES) 454,687 478,505
TOTAL ASSETS LESS CURRENT LIABILITIES 462,585 486,996
Creditors: Amounts Falling Due After More Than One Year 8 (4,545 ) (31,818 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (592 ) (653 )
NET ASSETS 457,448 454,525
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 457,438 454,515
SHAREHOLDERS' FUNDS 457,448 454,525
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Cohen
Director
11/11/2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Mac Imports Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05008762 . The registered office is Unit 23c Orgreave Crescent, Dore House Industrial Estate, Sheffield, South Yorkshire, S13 9NQ.
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 financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. 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.
2.3. 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 33% reducing balance
Fixtures & Fittings 33% reducing balance
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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.
2.6. Taxation
Taxation 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2024: 11)
11 11
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2024 67,012 70,308 137,320
Additions 3,391 - 3,391
As at 31 March 2025 70,403 70,308 140,711
Depreciation
As at 1 April 2024 60,920 67,909 128,829
Provided during the period 3,192 792 3,984
As at 31 March 2025 64,112 68,701 132,813
Net Book Value
As at 31 March 2025 6,291 1,607 7,898
As at 1 April 2024 6,092 2,399 8,491
5. Stocks
2025 2024
£ £
Stock 661,436 598,901
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 228,746 292,622
Other debtors 7,772 15,803
236,518 308,425
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 201,199 118,113
Bank loans and overdrafts 93,412 134,251
Other creditors 3,449 4,200
Taxation and social security 160,802 196,352
458,862 452,916
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8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 4,545 31,818
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 10 10
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
£ £
Not later than one year 19,951 19,951
Later than one year and not later than five years 13,300 33,252
33,251 53,203
11. Directors Advances, Credits and Guarantees
At the balance sheet date, the directors were owed £187 (2024: £487) by the company.
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