MacLaren Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC222078 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2020

for

MacLaren Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Mr I Sinclair

REGISTERED OFFICE:

29 Brandon Street

Hamilton

South Lanarkshire

ML3 6DA

BUSINESS ADDRESS:

Block 7

South Avenue

Blantyre Industrial Estate

Blantyre

G72 0XB

REGISTERED NUMBER:

SC222078 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

BANKERS:

Bank of Scotland

9 Brandon Street

Hamilton

ML3 6BZ

CURRENT ASSETS

Stocks

66,649

66,124

Debtors

6

29,987

52,682

Cash at bank and in hand

1,023

562

97,659

119,368

CREDITORS

Amounts falling due within one year

7

52,338

123,542

NET CURRENT ASSETS/(LIABILITIES)

45,321

(4,174

)

TOTAL ASSETS LESS CURRENT LIABILITIES

45,321

(4,174

)

CREDITORS

Amounts falling due after more than one year

8

19,250

-

NET ASSETS/(LIABILITIES)

26,071

(4,174

)

CAPITAL AND RESERVES

Called up share capital

720

720

Retained earnings

25,351

(4,894

)

SHAREHOLDERS' FUNDS

26,071

(4,174

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 June 2021 and were signed by:

Mr I Sinclair - Director

1.	STATUTORY INFORMATION

MacLaren Products 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.

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

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The company meets its day to day working capital requirements through an overdraft facility that is due for renewal on 14 July 2021.The company's projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facility.

The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future due to the continued support of the related party. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is derived from various heating and gas components supplied by the company.

Turnover is measured at the fair value of heating and gas components supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

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

-

25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred

Government grants

Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

Stocks

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 taxation

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 July 2019

and 30 June 2020

13,850

DEPRECIATION

At 1 July 2019

and 30 June 2020

13,850

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

19,572

41,438

Other debtors

10,415

11,244

29,987

52,682

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

10,343

29,545

Trade creditors

33,144

39,925

Amounts owed to group undertakings

-

41,864

Taxation and social security

5,372

8,187

Other creditors

3,479

4,021

52,338

123,542

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

19,250

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

9,593

29,545

Bank loans

20,000

-

29,593

29,545

The company has a bank overdraft facility which is secured by a bond and floating charge over the whole of the group's assets.

The bank loan is supported by a 100% guarantee from the UK Government.

10.	PENSION COMMITMENTS

Included within other creditors are contributions totalling £63 (2019 - £126) which were due to the pension scheme at the year end.

11.	RELATED PARTY DISCLOSURES

Prommt Controls Limited is a company with common director and a common shareholder. As at the year end the company owes the related party £Nil (2019 - £7,174).

The remaining related party is Maclaren Holdings (Scotland) Limited, the parent company and a company with common director. As at the year end the company owes the related party £Nil (2019 - £34,691).

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MacLaren Products Limited for the year ended 30 June 2020 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of MacLaren Products Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MacLaren Products Limited and state those matters that we have agreed to state to the director of MacLaren Products Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that MacLaren Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MacLaren Products Limited. You consider that MacLaren Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MacLaren Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

8 June 2021