Mac Auto Electrics Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC109018 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2017

for

Mac Auto Electrics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mr R Campbell

Mrs C Campbell

Mr C Campbell

SECRETARY:

Mrs C Campbell

REGISTERED OFFICE:

21 Castle Road

Bankside Industrial Estate

Falkirk

Central

FK2 7UY

REGISTERED NUMBER:

SC109018 (Scotland)

ACCOUNTANTS:

Yates & Co

Chartered Accountants

Statutory Auditor

Unit 4B Gateway Bus Park

Grangemouth

Central

FK3 8WX

FIXED ASSETS

Tangible assets

4

6,035

4,523

CURRENT ASSETS

Stocks

12,000

10,500

Debtors

5

23,974

24,328

Cash at bank and in hand

39,561

37,496

75,535

72,324

CREDITORS

Amounts falling due within one year

6

42,157

29,996

NET CURRENT ASSETS

33,378

42,328

TOTAL ASSETS LESS CURRENT LIABILITIES

39,413

46,851

PROVISIONS FOR LIABILITIES

754

440

NET ASSETS

38,659

46,411

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Capital redemption reserve

3,000

3,000

Retained earnings

33,659

41,411

SHAREHOLDERS' FUNDS

38,659

46,411

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 14 December 2017 and were signed on its behalf by:

Mr C Campbell - Director

1.	STATUTORY INFORMATION

Mac Auto Electrics 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Transition to FRS102

The entity has transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS

102 has affected the reported financial position and financial performance is given in the notes.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of contractual arrangement, as

either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

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 5 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2016

24,862

13,076

23,950

3,787

65,675

Additions

2,895

-

-

-

2,895

At 31 August 2017

27,757

13,076

23,950

3,787

68,570

DEPRECIATION

At 1 September 2016

22,331

13,000

21,074

4,747

61,152

Charge for year

1,609

15

719

(960

)

1,383

At 31 August 2017

23,940

13,015

21,793

3,787

62,535

NET BOOK VALUE

At 31 August 2017

3,817

61

2,157

-

6,035

At 31 August 2016

2,531

76

2,876

(960

)

4,523

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

21,976

22,701

Other debtors

1,998

1,627

23,974

24,328

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade creditors

6,869

9,423

Taxation and social security

11,585

17,554

Other creditors

23,703

3,019

42,157

29,996

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £31,976 (2016 - £18,700) were paid to the directors .

Creditors include the following amounts which are owed to individuals who were directors of the company during

the year:

31.8.17

31.8.16

£

£

Mr R Campbell

12

12

Mrs C Campbell

94

94

Mr C Campbell

22,175

1,549

22,281

1,655

The maximum balance outstanding during the year amounted to £22,281.

The directors' current accounts are repayable on demand.

8.	TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1

September 2015.

Reconciliation of Equity

No transitional adjustments were required.

Reconciliation of Profit and Loss for the year

No transitional adjustments were required.

The following reproduces the text of the report prepared for the directors 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 Directors 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 Mac Auto Electrics Limited for the year ended 31 August 2017 which comprise the Income

Statement, 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 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 Board of Directors of Mac Auto Electrics 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 Mac Auto Electrics Limited and state those matters that we have agreed to state to the Board of Directors of Mac Auto Electrics Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mac Auto Electrics 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 Mac Auto Electrics Limited. You consider that Mac Auto Electrics 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 Mac Auto Electrics 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.

Yates & Co

Chartered Accountants

Statutory Auditor

Unit 4B Gateway Bus Park

Grangemouth

Central

FK3 8WX

14 December 2017