Ma24 Limited
Ma24 Limited
Registered number: 07159714
Unaudited Financial Statements
For The Year Ended
31 December 2022
Ma24 Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1 |
Notes to the Financial Statements | 2—4 |
Page 1
Ma24 Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
07159714
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 464,959 | 596,407 | |||
On behalf of the board
Director
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Director
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The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Ma24 Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
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.
1.2.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
When the outcome of a contract cannot be estimated reliably, turnover is recognised only to the
extent of the expenses recognised that are recoverable.
1.3.
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.
1.4.
Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from group undertakings.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Ma24 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
1.6.
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 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.
1.7.
Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
1.8.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 15 (2021: 14)
3.
Stocks
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£ | £ | ||
4.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Due after more than one year | |||
Amounts owed by other participating interests | 164,641 | 153,800 | |
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Ma24 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
5.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Other taxes and social security |
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Net wages | 6,359 | 9,380 | |
Other creditors |
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Accruals and deferred income |
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Amounts owed to related parties |
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6.
Share Capital
2022 | 2021 | ||
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£ | £ | ||
Allotted, Called up and fully paid |
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7.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £23,073.46 (2021: £46,457). At the balance sheet date unpaid contributions of £4,573 (2021: £3,715) were due to the fund. They are included in Other Creditors.
8.
Ultimate Controlling Party
As of 16 December 2021, the ultimate parent undertaking is MA24 Holdings Limited, a company incorporated in England and Wales. MA24 Holdings Limited has no overall ultimate controlling party. During the year before this date, the ultimate parent undertaking was Systems ADI Group Holdings Limited.
9.
General Information
Ma24 Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07159714
. The registered office is 14 High Cross, Truro, TR1 2AJ.
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