Makevale Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01588645 (England and Wales)

MAKEVALE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr S Ahir

Mrs M Ahir

SECRETARY:

Mrs M Ahir

REGISTERED OFFICE:

Valley House

Valley Works

Marsh Lane

Herts

SG12 9QP

REGISTERED NUMBER:

01588645 (England and Wales)

FIXED ASSETS

Tangible assets

5

612,331

389,883

Investments

6

-

423,471

612,331

813,354

CURRENT ASSETS

Stocks

284,350

143,840

Debtors

7

1,283,867

790,283

Cash at bank and in hand

2,603,754

2,946,963

4,171,971

3,881,086

CREDITORS

Amounts falling due within one year

8

556,179

881,228

NET CURRENT ASSETS

3,615,792

2,999,858

TOTAL ASSETS LESS CURRENT LIABILITIES

4,228,123

3,813,212

CREDITORS

Amounts falling due after more than one year

9

(31,191

)

(4,248

)

PROVISIONS FOR LIABILITIES

(71,115

)

(45,508

)

NET ASSETS

4,125,817

3,763,456

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,125,717

3,763,356

4,125,817

3,763,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 June 2019 and were signed on its behalf by:

Dr S Ahir - Director

1.	STATUTORY INFORMATION

Makevale Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are presented in British Pound Sterling (£) which is also the functional

currency for the company.

Going concern

After reviewing the Company's forecasts and projections and taking into account the economic

conditions and possible changes in trading performance, the directors have a reasonable expectation

that the Company has adequate resources to continue in operational existence for the foreseeable

future. The Company therefore continues to adopt the going concern basis in preparing its financial

statements.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and

assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects both

current and future periods.

The directors consider that there are no significant judgements or estimates in the preparation of these

financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

At each reporting date, improvements to property, fixtures and fittings and plant and machinery are

reviewed to determine whether there is any indication that those assets have suffered an impairment

loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is

estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the

revised estimate of its recoverable amount, but not in excess of the amount that would have been

determined had no impairment loss been recognised for the asset in prior years. A reversal of

impairment is recognised immediately in profit or loss.

Depreciation has been computed to write off the cost of the improvements to property, fixtures and

fittings, plant and machinery and motor vehicles over their useful expected lives using the following

rates:

Improvements to property - 2% on straight line

Fixtures and fittings - 10% on straight line

Plant and machinery - 8% on straight line

Health and safety - 10% on straight line

Investments

Investments are included at fair value.

Stocks

Stocks are stated 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 stock to its

present location and condition. Provision is made for damaged, obsolete and slow-moving stock where

appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors

Trade and other debtors are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest . Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair

value net of their transaction costs. They are subsequently measured at amortised cost using the

effective interest method.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2017 - 21 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2017

126,696

2,371,806

2,498,502

Additions

-

295,166

295,166

At 30 September 2018

126,696

2,666,972

2,793,668

DEPRECIATION

At 1 October 2017

36,922

2,071,697

2,108,619

Charge for year

2,534

70,184

72,718

At 30 September 2018

39,456

2,141,881

2,181,337

NET BOOK VALUE

At 30 September 2018

87,240

525,091

612,331

At 30 September 2017

89,774

300,109

389,883

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2017

423,471

Reclassification/transfer

(423,471

)

At 30 September 2018

-

NET BOOK VALUE

At 30 September 2018

-

At 30 September 2017

423,471

During the year an investment in Makevale Acrylics Pvt. Limited, a company registered in India under

common control, was re-classified as a non-interest bearing loan.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

648,358

706,697

Amounts owed by group undertakings

100,000

-

Other debtors

535,509

83,586

1,283,867

790,283

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

32,976

Hire purchase contracts (see note 10)

27,902

57,520

Trade creditors

383,842

345,049

Amounts owed to group undertakings

3,924

329,057

Taxation and social security

25,550

57,342

Other creditors

114,961

59,284

556,179

881,228

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 10)

31,191

4,248

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2018

2017

£

£

Net obligations repayable:

Within one year

27,902

57,520

Between one and five years

31,191

4,248

59,093

61,768

Non-cancellable

operating leases

2018

2017

£

£

Within one year

-

78,000

Between one and five years

-

221,000

-

299,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

32,976

The bank overdraft is secured by a fixed and floating charge over the company and all property and

assets present and future.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2018

and 30 September 2017:

2018

2017

£

£

Mrs M Ahir

Balance outstanding at start of year

(26,172

)

(279,628

)

Amounts advanced

843,058

270,088

Amounts repaid

(752,842

)

(16,632

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

64,044

(26,172

)

The directors loan account was repaid to the company on 14 May 2019. Interest is charged on the loan

at market rate.

13.	RELATED PARTY DISCLOSURES

During the year an investment of £423,471 in Makevale Acrylics Pvt. Limited, a company registered in

India under common control, was re-classified as a loan. No interest has been charged in respect of

this loan and at 31 December 2018 the amount due from Makevale MVT Limited was £381,898.