Am-ex (American Exports) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC074357 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

AM-EX (AMERICAN EXPORTS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I W D D McClain

Mrs L E M McClain

SECRETARY:

Mrs L E M McClain

REGISTERED OFFICE:

Crosbie Towers

West Kilbride

Ayrshire

KA23 9PH

REGISTERED NUMBER:

SC074357 (Scotland)

ACCOUNTANTS:

Kean Jarman & Company

Chartered Accountants

27 Ingram Street

Glasgow

G1 1HA

FIXED ASSETS

Tangible assets

4

92,027

93,726

CURRENT ASSETS

Stocks

216,773

181,273

Debtors

5

3,455

13,157

Cash at bank and in hand

15,441

41,530

235,669

235,960

CREDITORS

Amounts falling due within one year

6

4,259

11,117

NET CURRENT ASSETS

231,410

224,843

TOTAL ASSETS LESS CURRENT LIABILITIES

323,437

318,569

CAPITAL AND RESERVES

Called up share capital

54

54

Retained earnings

323,383

318,515

SHAREHOLDERS' FUNDS

323,437

318,569

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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 19 December 2019 and were signed on its behalf by:

I W D D McClain - Director

Mrs L E M McClain - Director

1.	STATUTORY INFORMATION

Am-ex (American Exports) Limited is a private company, limited by shares , registered in Scotland. The

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

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 each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Computer equipment

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2018

and 31 March 2019

77,388

26,132

2,308

105,828

DEPRECIATION

At 1 April 2018

-

11,091

1,011

12,102

Charge for year

-

1,504

195

1,699

At 31 March 2019

-

12,595

1,206

13,801

NET BOOK VALUE

At 31 March 2019

77,388

13,537

1,102

92,027

At 31 March 2018

77,388

15,041

1,297

93,726

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

294

58

Other debtors

-

10,000

VAT

3,161

3,099

3,455

13,157

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Tax

1,509

9,058

Other creditors

-

559

Accrued expenses

2,750

1,500

4,259

11,117