Machine Tool Engineers (E.K.) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC048839 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2022

for

Machine Tool Engineers (E.K.) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A Alexander

C S Muir

J Muir

SECRETARY:

J Muir

REGISTERED OFFICE:

South Avenue

Blantyre Industrial Estate

BLANTYRE

G72 0XB

REGISTERED NUMBER:

SC048839 (Scotland)

ACCOUNTANTS:

RAEBURN ALLISON & CO

CHARTERED ACCOUNTANTS

13/15 STRATHMORE HOUSE

TOWN CENTRE

EAST KILBRIDE

GLASGOW

G74 1LF

FIXED ASSETS

Tangible assets

4

526,732

539,213

CURRENT ASSETS

Stocks

53,656

100,172

Debtors

163,498

115,229

Investments

-

55,985

Cash at bank and in hand

440

1,079

217,594

272,465

CREDITORS

Amounts falling due within one year

(431,372

)

(327,984

)

NET CURRENT LIABILITIES

(213,778

)

(55,519

)

TOTAL ASSETS LESS CURRENT LIABILITIES

312,954

483,694

CREDITORS

Amounts falling due after more than one year

(87,416

)

(66,975

)

PROVISIONS FOR LIABILITIES

-

(16,962

)

NET ASSETS

225,538

399,757

CAPITAL AND RESERVES

Called up share capital

7

32,000

32,000

Capital redemption reserve

8,000

8,000

Retained earnings

185,538

359,757

SHAREHOLDERS' FUNDS

225,538

399,757

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 11 May 2023 and were signed on its behalf by:

J Muir - Director

1.	STATUTORY INFORMATION

Machine Tool Engineers (E.K.) 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 invoiced sales, excluding value added tax, after adjusting for work in progress movement.

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.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks have been valued at the lower of cost or net realisable value. Work in progress has been valued at cost plus attributable overheads.

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

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 19 (2021 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

1,884,663

Additions

98,482

Disposals

(106,184

)

At 30 September 2022

1,876,961

DEPRECIATION

At 1 October 2021

1,345,450

Charge for year

67,142

Eliminated on disposal

(62,363

)

At 30 September 2022

1,350,229

NET BOOK VALUE

At 30 September 2022

526,732

At 30 September 2021

539,213

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

Totals

£

COST

At 1 October 2021

101,643

Additions

81,997

Transfer to ownership

(69,355

)

At 30 September 2022

114,285

DEPRECIATION

At 1 October 2021

44,041

Charge for year

26,553

Transfer to ownership

(35,975

)

At 30 September 2022

34,619

NET BOOK VALUE

At 30 September 2022

79,666

At 30 September 2021

57,602

5.

LOANS

An analysis of the maturity of loans is given below:

30.9.22

30.9.21

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

10,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

20,000

30,000

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.9.22

30.9.21

£

£

Net obligations repayable:

Within one year

23,040

28,134

Between one and five years

57,416

26,975

80,456

55,109

Non-cancellable operating

leases

30.9.22

30.9.21

£

£

Within one year

-

751

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.22

30.9.21

value:

£

£

32,000

Ordinary

£1

32,000

32,000

8.	ULTIMATE CONTROLLING PARTY

Throughout the year the company was under the control of its directors.