Company registration number SC219871 (Scotland)
M.A.C. Plumbing Limited
Unaudited financial statements
for the year ended 31 March 2022
Pages for filing with registrar
M.A.C. Plumbing Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of M.A.C. Plumbing Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M.A.C. Plumbing Limited for the year ended 31 March 2022 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
This report is made solely to the Board of Directors of M.A.C. Plumbing Limited, as a body, in accordance with the terms of our engagement letter dated 6 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of M.A.C. Plumbing Limited and state those matters that we have agreed to state to the Board of Directors of M.A.C. Plumbing Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.A.C. Plumbing Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that M.A.C. Plumbing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of M.A.C. Plumbing Limited. You consider that M.A.C. Plumbing Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of M.A.C. Plumbing Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
20 December 2022
M.A.C. Plumbing Limited
Statement of financial position
at 31 March 2022
2
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,130
11,800
Investment properties
4
80,000
89,130
11,800
Current assets
Stocks
26,260
56,916
Debtors
9,619
13,910
Cash at bank and in hand
39,958
40,809
75,837
111,635
Creditors: amounts falling due within one year
(65,973)
(49,040)
Net current assets
9,864
62,595
Total assets less current liabilities
98,994
74,395
Creditors: amounts falling due after more than one year
5
(31,667)
(41,667)
Provisions for liabilities
(7,593)
(2,242)
Net assets
59,734
30,486
Capital and reserves
Called up share capital
100
100
Revaluation reserve
24,974
Profit and loss reserves
34,660
30,386
Total equity
59,734
30,486
In accordance with section 444 of the Companies Act 2006, all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
M.A.C. Plumbing Limited
Statement of financial position (continued)
at 31 March 2022
3
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2022 and are signed on its behalf by:
Michael A. Coutts
Director
Company Registration No. SC219871
M.A.C. Plumbing Limited
Notes to the financial statements
for the year ended 31 March 2022
4
1
Accounting policies
Company information
M.A.C. Plumbing Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Rosewood, Raemoir Road, Banchory, Kincardineshire, United Kingdom, AB31 4ET.
1.1
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance & 3 years straight line
Motor vehicles
25% reducing balance
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 or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
M.A.C. Plumbing Limited
Notes to the financial statements (continued)
for the year ended 31 March 2022
1
Accounting policies (continued)
5
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
M.A.C. Plumbing Limited
Notes to the financial statements (continued)
for the year ended 31 March 2022
6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
4
3
Tangible fixed assets
Total
£
Cost
At 1 April 2021
41,943
Disposals
(6,400)
At 31 March 2022
35,543
Depreciation and impairment
At 1 April 2021
30,143
Depreciation charged in the year
2,590
Eliminated in respect of disposals
(6,320)
At 31 March 2022
26,413
Carrying amount
At 31 March 2022
9,130
At 31 March 2021
11,800
4
Investment property
2022
£
Fair value
At 1 April 2021
Transfers
49,168
Revaluations
30,832
At 31 March 2022
80,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
M.A.C. Plumbing Limited
Notes to the financial statements (continued)
for the year ended 31 March 2022
7
5
Creditors: amounts falling due after more than one year
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
1,667
6
Directors' transactions
Description
Opening credit balance
Amounts advanced
Amounts repaid
Closing credit balance
£
£
£
£
Michael A. Coutts - Director's loan
10,277
36,312
(28,559)
18,030
10,277
36,312
(28,559)
18,030