Core Mechatronics Limited Company Accounts

CORE MECHATRONICS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC345744

Core Mechatronics Limited

Filleted Unaudited Financial Statements

31 March 2018

Core Mechatronics Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Core Mechatronics Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		10,578	13,529

Current assets

Stocks		–	1,152
Debtors	7	507	241
Cash at bank and in hand		4,539	4,398
		-------	-------
		5,046	5,791

Creditors: amounts falling due within one year	8	1,600		3,155
		-------		-------
Net current assets			3,446	2,636
			--------	--------
Total assets less current liabilities			14,024	16,165

Provisions

Taxation including deferred tax	1,032	1,474
	--------	--------
Net assets	12,992	14,691
	--------	--------

Capital and reserves

Called up share capital	11	11
Profit and loss account	12,981	14,680
	--------	--------
Shareholders funds	12,992	14,691
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Core Mechatronics Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 30 October 2018 , and are signed on behalf of the board by:

Mr Scanlan
Director

Company registration number: SC345744

Core Mechatronics Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 29 Commercial Street, DUNDEE, DD1 3DG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tax on loss

Major components of tax income

	2018	2017
	£	£

Current tax:

Adjustments in respect of prior periods	–	( 5,056)

Deferred tax:

Origination and reversal of timing differences	( 442)	( 354)
	----	-------
Tax on loss	( 442)	( 5,410)
	----	-------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is lower than (2017: lower than) the standard rate of corporation tax in the UK of 19 % (2017: 20 %).

	2018	2017
	£	£
Loss on ordinary activities before taxation	( 2,141)	( 7,352)
	-------	-------
Loss on ordinary activities by rate of tax	( 399)	( 388)
Adjustment to tax charge in respect of prior periods	–	( 5,056)
Effect of capital allowances and depreciation	419	593
Utilisation of tax losses	( 20)	( 205)
Other tax adjustment to increase/(decrease) tax liability - Deferred Tax	(442)	(354)
	-------	-------
Tax on loss	( 442)	( 5,410)
	-------	-------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2017 and 31 March 2018	8,632	25,600	8,474	42,706
	-------	--------	-------	--------
Depreciation
At 1 April 2017	4,324	18,539	6,314	29,177
Charge for the year	646	1,765	540	2,951
	-------	--------	-------	--------
At 31 March 2018	4,970	20,304	6,854	32,128
	-------	--------	-------	--------
Carrying amount
At 31 March 2018	3,662	5,296	1,620	10,578
	-------	--------	-------	--------
At 31 March 2017	4,308	7,061	2,160	13,529
	-------	--------	-------	--------

7. Debtors

	2018	2017
	£	£
Other debtors	507	241
	----	----

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	2
Social security and other taxes	–	184
Other creditors	1,600	2,969
	-------	-------
	1,600	3,155
	-------	-------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Scanlan	( 1,369)	2,999	( 1,525)	105
	-------	-------	-------	----

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Scanlan	( 9,239)	12,421	( 4,551)	( 1,369)
	-------	--------	-------	-------