Maestroclear Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC197134 (Scotland)

MAESTROCLEAR LIMITED

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

Mrs I Campbell

W D Thomson

M D Thomson

SECRETARY:

S Campbell

REGISTERED OFFICE:

40 Eastmains

Menstrie

Clackmannanshire

FK11 7AW

REGISTERED NUMBER:

SC197134 (Scotland)

ACCOUNTANTS:

Harley Hepburn

28 Townsend Place

Kirkcaldy

Fife

KY1 1HB

BANKERS:

The Royal Bank of Scotland

82 Murray Place

Stirling

FK8 2DR

FIXED ASSETS

Tangible assets

2

81,283

68,581

CURRENT ASSETS

Stocks

3,031

2,943

Debtors

187,303

186,166

Cash at bank

218,051

70,110

408,385

259,219

CREDITORS

Amounts falling due within one year

204,223

126,440

NET CURRENT ASSETS

204,162

132,779

TOTAL ASSETS LESS CURRENT LIABILITIES

285,445

201,360

CREDITORS

Amounts falling due after more than one year

(18,333

)

(18,333

)

PROVISIONS FOR LIABILITIES

(13,398

)

(10,464

)

NET ASSETS

253,714

172,563

CAPITAL AND RESERVES

Called up share capital

3

3

2

Profit and loss account

253,711

172,561

SHAREHOLDERS' FUNDS

253,714

172,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 October 2014 and were signed on its behalf by:

Mrs I Campbell - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents sale of goods and services provided net of Value Added Tax and trade discounts. Turnover

is recognised when the goods and services are physically provided to the customer.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net

realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow

moving, obsolete or damaged stock where the net realisable value is less than cost.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the Balance Sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates that are expected to

apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantially

enacted at the Balance Sheet date.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the assets.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

133,921

Additions

56,254

Disposals

(33,685

)

At 30 June 2014

156,490

DEPRECIATION

At 1 July 2013

65,340

Charge for year

26,882

Eliminated on disposal

(17,015

)

At 30 June 2014

75,207

NET BOOK VALUE

At 30 June 2014

81,283

At 30 June 2013

68,581

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

£1

2

2

1

Ordinary A

£1

1

-

3

2

1 Ordinary A share of £1 was allotted and fully paid for cash at par during the year.

4.	RELATED PARTY DISCLOSURES

During the year, total dividends of £32,000 (2013 - £6,000) were paid to the directors .

Included in creditors due within one year is a directors current account balance of £77478.

5.	ULTIMATE CONTROLLING PARTY

No one director holds ultimate control over the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Maestroclear Limited for the year ended 30 June 2014 which comprise the Profit and Loss

Account, the Balance Sheet, 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 the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other

professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Maestroclear Limited, as a body, in accordance with our terms of

engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Maestroclear

Limited and state those matters that we have agreed to state to the Board of Directors of Maestroclear Limited, as a

body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed

at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or

assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this

report.

It is your duty to ensure that Maestroclear 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 Maestroclear

Limited. You consider that Maestroclear 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 Maestroclear 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.

Harley Hepburn

28 Townsend Place

Kirkcaldy

Fife

KY1 1HB

21 October 2014