McLaren Entertainment Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01941483 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2017

FOR

MCLAREN ENTERTAINMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr. A H McLaren

SECRETARY:

Mrs. V McLaren

REGISTERED OFFICE:

Setley Brake West

Tile Barn Lane

Brockenhurst

Hampshire

SO42 7UE

REGISTERED NUMBER:

01941483 (England and Wales)

ACCOUNTANTS:

Honey Barrett Limited

Chartered Accountants

48 St Leonards Road

Bexhill on Sea

East Sussex

TN40 1JB

FIXED ASSETS

Tangible assets

4

281

363

CURRENT ASSETS

Debtors

5

42

697

Cash at bank

2,881

2,138

2,923

2,835

CREDITORS

Amounts falling due within one year

6

87,054

77,213

NET CURRENT LIABILITIES

(84,131

)

(74,378

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(83,850

)

(74,015

)

CREDITORS

Amounts falling due after more than one year

7

8,987

12,236

NET LIABILITIES

(92,837

)

(86,251

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(92,839

)

(86,253

)

SHAREHOLDERS' FUNDS

(92,837

)

(86,251

)

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

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

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 on 16 April 2018 and were signed by:

Mr. A H McLaren - Director

1.	STATUTORY INFORMATION

McLaren Entertainment Limited is a private company, limited by shares , registered in

England and Wales. 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.

The accounts have been prepared on a going concern basis notwithstanding the net liability

currently shown on the balance sheet. The director, who is a major creditor and guarantor on

the company's bank borrowings, has confirmed his intention to support the company for at

least the next 12 months.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

All fixed assets are initially recorded at cost.

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 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are

equivalent to a similar debt instrument, those financial instruments are classed as financial

liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and

gains or losses relating to financial liabilities are included in the profit and loss account.

Finance costs are calculated so as to produce a constant rate of return on the outstanding

liability.

Where the contractual terms of share capital do not have any terms meeting the definition of

a financial liability then this is classed as an equity instrument. Dividends and distributions

relating to equity instruments are debited direct to equity.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

5,340

2,161

7,501

DEPRECIATION

At 1 January 2017

5,248

1,890

7,138

Charge for year

14

68

82

At 31 December 2017

5,262

1,958

7,220

NET BOOK VALUE

At 31 December 2017

78

203

281

At 31 December 2016

92

271

363

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

VAT

42

132

Prepayments and accrued income

-

565

42

697

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

3,144

2,944

Director's current account

83,357

74,251

Accruals and deferred income

553

18

87,054

77,213

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

3,344

3,144

Bank loans - 2-5 years

5,643

9,092

8,987

12,236

8.	RELATED PARTY DISCLOSURES

Included in creditors is Mr. A H McLaren's director's current account balance of £83,357

(2016: £74,251). This account is interest free and repayable on demand.

Mr. A H McLaren has provided the company's bankers with security over the bank

borrowings of the company to a value of £38,000. At 31 December 2017, the amount

outstanding on the borrowings was £12,131 (2016: £15,180).