Mac Tyres Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC207483 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2019

for

Mac Tyres Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G P W Cordiner

Mrs L Wilkie

REGISTERED OFFICE:

15 Golden Square

Aberdeen

Aberdeenshire

AB10 1WF

REGISTERED NUMBER:

SC207483 (Scotland)

ACCOUNTANTS:

SBP

Accountants

2 Cross Street

Fraserburgh

Aberdeenshire

AB43 9EQ

FIXED ASSETS

Intangible assets

4

599

799

Tangible assets

5

36,354

45,638

36,953

46,437

CURRENT ASSETS

Stocks

37,167

44,241

Debtors

6

31,549

56,793

Cash at bank and in hand

51,597

47,996

120,313

149,030

CREDITORS

Amounts falling due within one year

7

57,465

78,357

NET CURRENT ASSETS

62,848

70,673

TOTAL ASSETS LESS CURRENT LIABILITIES

99,801

117,110

PROVISIONS FOR LIABILITIES

6,633

8,390

NET ASSETS

93,168

108,720

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Capital redemption reserve

5,000

5,000

Retained earnings

83,168

98,720

SHAREHOLDERS' FUNDS

93,168

108,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2020 and were signed on its behalf by:

G P W Cordiner - Director

1.	STATUTORY INFORMATION

Mac Tyres 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 represents amounts receivable for services provided in the normal course of business, net of discounts

and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company

and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised

in the accounting period to which it relates.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Cherished number plate are being amortised evenly over their estimated useful life of five years.

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

-

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.

Taxation

Taxation for the year comprises current and deferred tax. 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.

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.

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.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative costs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2018

and 30 September 2019

999

AMORTISATION

At 1 October 2018

200

Charge for year

200

At 30 September 2019

400

NET BOOK VALUE

At 30 September 2019

599

At 30 September 2018

799

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2018

and 30 September 2019

106,253

37,251

12,566

156,070

DEPRECIATION

At 1 October 2018

80,268

17,959

12,205

110,432

Charge for year

5,257

3,859

168

9,284

At 30 September 2019

85,525

21,818

12,373

119,716

NET BOOK VALUE

At 30 September 2019

20,728

15,433

193

36,354

At 30 September 2018

25,985

19,292

361

45,638

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

23,143

37,254

Other debtors

8,406

19,539

31,549

56,793

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade creditors

21,245

31,470

Taxation and social security

28,643

28,458

Other creditors

7,577

18,429

57,465

78,357

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2019 and

30 September 2018:

30.9.19

30.9.18

£

£

G P W Cordiner

Balance outstanding at start of year

(15,038

)

(38

)

Amounts advanced

15,000

-

Amounts repaid

(4,000

)

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4,038

)

(15,038

)

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £48,523 (2018 - £58,122) were paid to the directors .

The director, Mr G.Cordiner, operates a current account with the company and as at 30th September 2019 the

balance owing to him was £4,038. Whilst the loan is considered short term, there are no fixed terms of repayment

and no interest is accrued.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is G P W Cordiner.