Automotive Macliver Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03265846 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

AUTOMOTIVE MACLIVER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K Macliver

Mrs C Macliver

SECRETARY:

Mr K Macliver

REGISTERED OFFICE:

Elm House

Belle Walk

Moseley

Birmingham

B13 9DF

REGISTERED NUMBER:

03265846 (England and Wales)

FIXED ASSETS

Intangible assets

4

121,914

125,981

Tangible assets

5

70,658

30,831

192,572

156,812

CURRENT ASSETS

Stocks

347,119

154,219

Debtors

6

355,668

423,815

Cash at bank

9,928

6,297

712,715

584,331

CREDITORS

Amounts falling due within one year

7

437,578

384,234

NET CURRENT ASSETS

275,137

200,097

TOTAL ASSETS LESS CURRENT LIABILITIES

467,709

356,909

CREDITORS

Amounts falling due after more than one year

8

447,595

350,521

NET ASSETS

20,114

6,388

CAPITAL AND RESERVES

Called up share capital

193,816

193,816

Share premium

10

607,064

607,064

Retained earnings

10

(780,766

)

(794,492

)

SHAREHOLDERS' FUNDS

20,114

6,388

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:

Mr K Macliver - Director

Mrs C Macliver - Director

1.	STATUTORY INFORMATION

Automotive Macliver 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis. Continuing to trade depends upon the support

of the company's shareholders and loan creditor. Should the company be unable to continue to trade, adjustments

would have to be made to reduce the assets to their recoverable amount, to provide for any further liabilities which

may arise, and to reclassify fixed assets as current.

REVENUE RECOGNITION

Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice value.

The company supplies products to customers from its manufacturing site, under standard terms and conditions. In all

cases revenue is recognised when the risks and rewards of ownership are transfered and this is defined to be on

placement of the order. The relevant costs for the manufacture of the product are also included in full as at this point.

INTANGIBLE FIXED ASSETS

Amortisation is provided on the intangible fixed assets on a straight line basis over 20 years.

Website costs are being amortised evenly over the useful economic life of 10 years.

This estimate was updated in the period to 31 March 2016, where the useful economic life of the patent was updated

from 10 years. Upon the change in accounting estimate, amortisation is charged on a straight line basis over the

remaining useful life of the intangible.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

STOCKS

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

moving items.

FOREIGN CURRENCIES

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 of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2018

162,500

Additions

4,037

At 31 March 2019

166,537

AMORTISATION

At 1 April 2018

36,519

Charge for year

8,104

At 31 March 2019

44,623

NET BOOK VALUE

At 31 March 2019

121,914

At 31 March 2018

125,981

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

40,220

26,374

30,041

96,635

Additions

42,667

16,000

-

58,667

Disposals

(1,000

)

-

-

(1,000

)

At 31 March 2019

81,887

42,374

30,041

154,302

DEPRECIATION

At 1 April 2018

28,137

10,343

27,324

65,804

Charge for year

10,950

6,406

906

18,262

Eliminated on disposal

(422

)

-

-

(422

)

At 31 March 2019

38,665

16,749

28,230

83,644

NET BOOK VALUE

At 31 March 2019

43,222

25,625

1,811

70,658

At 31 March 2018

12,083

16,031

2,717

30,831

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2018

and 31 March 2019

20,583

DEPRECIATION

At 1 April 2018

7,949

Charge for year

6,406

At 31 March 2019

14,355

NET BOOK VALUE

At 31 March 2019

6,228

At 31 March 2018

12,634

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

355,668

423,815

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

21,040

31,985

Hire purchase contracts

3,298

3,298

Trade creditors

174,726

171,537

Taxation and social security

73,554

2,227

Other creditors

164,960

175,187

437,578

384,234

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

4,407

7,704

Other creditors

443,188

342,817

447,595

350,521

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

443,188

342,817

Included within other loans are amounts of £282,899 (2018: £276,774) received from the shareholders of the

company.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

21,040

31,985

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2018

(794,492

)

607,064

(187,428

)

Profit for the year

13,726

13,726

At 31 March 2019

(780,766

)

607,064

(173,702

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

Mr K Macliver

Balance outstanding at start of year

148,494

82,755

Amounts advanced

262,726

217,606

Amounts repaid

(197,732

)

(151,867

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

213,488

148,494

12.	RELATED PARTY DISCLOSURES

During the year the company paid Environmental Macliver Limited £52,203 (2018: £64,642) in administration

charges. At the year end there was a balance of £15,768 (2018: £6,948) owed to Environmental Macliver Limited.

Mr K Macliver and Mrs C Macliver are both directors and Mr K Macliver is the majority shareholder of

Environmental Macliver Limited.

During the year the company paid £130,697 (2018: £95,952) in royalties for use of the Multi Mac design.

Mr KS Macliver has provided a personal guarantee to the holders of the other loans; this is limited to £179,624.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr K Macliver by virtue of his majority shareholding and directorship.