MACOI Direct Limited Filleted accounts for Companies House (small and micro)

MACOI DIRECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09107250

MACOI Direct Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2020

MACOI Direct Limited

Financial Statements

Year ended 31 December 2020

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 6

MACOI Direct Limited

Officers and Professional Advisers

THE BOARD OF DIRECTORS	C D Griffin
	D Griffin
	Mrs S L Smith

REGISTERED OFFICE	Potton House
	Wyboston Lakes
	Great North Road
	Wyboston
	Bedfordshire
	MK44 3BZ

ACCOUNTANTS	Streets
	Chartered Accountants
	Potton House
	Wyboston Lakes
	Great North Road
	Wyboston
	Bedford
	MK44 3BZ

BANKERS	Barclays Bank Plc
	41 High Street
	St Neots
	Cambs
	PE19 1AS

MACOI Direct Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5		–	1,946

Current assets

Stocks		2,751	798
Debtors	6	467	12,292
Cash at bank and in hand		–	1,490
		-------	--------
		3,218	14,580

Creditors: amounts falling due within one year	7	9,619		59,982
		-------		--------
Net current liabilities			6,401	45,402
			-------	--------
Total assets less current liabilities			( 6,401)	( 43,456)

Creditors: amounts falling due after more than one year	8	31,800	–
		--------	--------
Net liabilities		( 38,201)	( 43,456)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 38,301)	( 43,556)
	--------	--------
Shareholders deficit	( 38,201)	( 43,456)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MACOI Direct Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 18 May 2021 , and are signed on behalf of the board by:

D Griffin

Director

Company registration number: 09107250

MACOI Direct Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambridgeshire, PE28 0LQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors makes this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. During the year the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business and the situation is being regularly reviewed. The directors are mindful of the significant ongoing support being offered by the UK Government and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Revenue recognition

The turnover shown in the Statement of Income and Retained Earnings represents the goods and services supplied during the period, exclusive of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

	Website	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised using the accrual model. Grants receivable under the Coronavirus Job Retention Scheme are recognised in the period in which the company recognised the related staffing costs for which the grant is intended to compensate. Other discretionary grants, which do not have specified performance-related criteria, are recognised when they are received.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. Intangible assets

	Website
	£
Cost
At 1 January 2020 and 31 December 2020	16,921
	--------
Amortisation
At 1 January 2020	14,975
Charge for the year	1,946
	--------
At 31 December 2020	16,921
	--------
Carrying amount
At 31 December 2020	–
	--------
At 31 December 2019	1,946
	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	467	1,958
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	10,334
	----	--------
	467	12,292
	----	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	5,426	–
Trade creditors	2,576	10,738
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	44,454
Social security and other taxes	896	2,836
Other creditors	721	1,954
	-------	--------
	9,619	59,982
	-------	--------

Bank loans and overdrafts are secured by way of a debenture over the assets of the company.

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	31,800	–
	--------	----

Bank loans and overdrafts are secured by way of a debenture over the assets of the company.