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

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

MACOI DIRECT LIMITED - Company Information

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1 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 18,671 16,921 18,671 xbrli:pure xbrli:shares iso4217:GBP 09107250 2022-01-01 2022-12-31 09107250 2022-12-31 09107250 2021-12-31 09107250 2021-01-01 2021-12-31 09107250 2021-12-31 09107250 bus:Director2 2022-01-01 2022-12-31 09107250 core:WithinOneYear 2022-12-31 09107250 core:WithinOneYear 2021-12-31 09107250 core:AfterOneYear 2022-12-31 09107250 core:AfterOneYear 2021-12-31 09107250 core:ShareCapital 2022-12-31 09107250 core:ShareCapital 2021-12-31 09107250 core:RetainedEarningsAccumulatedLosses 2022-12-31 09107250 core:RetainedEarningsAccumulatedLosses 2021-12-31 09107250 bus:SmallEntities 2022-01-01 2022-12-31 09107250 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 09107250 bus:FullAccounts 2022-01-01 2022-12-31 09107250 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 09107250 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09107250 core:ComputerSoftware 2022-01-01 2022-12-31 09107250 core:ComputerSoftware 2022-12-31 09107250 core:ComputerSoftware 2021-12-31 09107250 core:AfterOneYear 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 09107250
MACOI Direct Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2022
MACOI Direct Limited
Financial Statements
Year ended 31 December 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
MACOI Direct Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Intangible assets
5
–
3,500
Current assets
Stocks
3,616
1,408
Debtors
6
12,979
16,378
Cash at bank and in hand
1,242
97
--------
--------
17,837
17,883
Creditors: amounts falling due within one year
7
50,642
39,541
--------
--------
Net current liabilities
32,805
21,658
--------
--------
Total assets less current liabilities
( 32,805)
( 18,158)
Creditors: amounts falling due after more than one year
8
17,400
24,600
--------
--------
Net liabilities
( 50,205)
( 42,758)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 50,305)
( 42,858)
--------
--------
Shareholders deficit
( 50,205)
( 42,758)
--------
--------
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 2022 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 2022
These financial statements were approved by the board of directors and authorised for issue on 13 July 2023 , 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 2022
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, Cambs, 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 make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The directors have taken advantage of the Bounce Back Loan Scheme supported by the UK Government and have concluded that, with the ongoing support of the loan and other companies under the control of the major shareholder, 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 2 ).
5. Intangible assets
Website
£
Cost
At 1 January 2022 and 31 December 2022
18,671
--------
Amortisation
At 1 January 2022
16,921
Charge for the year
–
Impairment losses
1,750
--------
At 31 December 2022
18,671
--------
Carrying amount
At 31 December 2022
–
--------
At 31 December 2021
1,750
--------
6. Debtors
2022
2021
£
£
Trade debtors
8,065
12,811
Other debtors
4,914
3,567
--------
--------
12,979
16,378
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
7,200
7,200
Trade creditors
34,665
27,294
Social security and other taxes
1,733
97
Other creditors
7,044
4,950
--------
--------
50,642
39,541
--------
--------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
17,400
24,600
--------
--------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme.
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2022
2021
£
£
Recognised in other operating income:
Government grants recognised directly in income
–
4,714
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