Maestroclear Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC197134 (Scotland)

MAESTROCLEAR LIMITED

Unaudited Financial Statements

for the Year Ended 30 June 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs I Campbell

W D Thomson

M D Thomson

REGISTERED OFFICE:

40 Eastmains

Menstrie

Clackmannanshire

FK11 7AW

REGISTERED NUMBER:

SC197134 (Scotland)

ACCOUNTANTS:

Harley Hepburn

28 Townsend Place

Kirkcaldy

Fife

KY1 1HB

FIXED ASSETS

Tangible assets

4

124,306

101,407

CURRENT ASSETS

Stocks

3,370

3,176

Debtors

5

227,681

306,455

Cash at bank

501,907

255,934

732,958

565,565

CREDITORS

Amounts falling due within one year

6

318,192

143,813

NET CURRENT ASSETS

414,766

421,752

TOTAL ASSETS LESS CURRENT LIABILITIES

539,072

523,159

CREDITORS

Amounts falling due after more than one year

7

(7,693

)

-

PROVISIONS FOR LIABILITIES

(22,925

)

(18,503

)

NET ASSETS

508,454

504,656

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

508,451

504,653

SHAREHOLDERS' FUNDS

508,454

504,656

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 6 November 2018 and were signed on its behalf by:

Mrs I Campbell - Director

1.	STATUTORY INFORMATION

Maestroclear 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

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 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

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating

as intended.

Stocks

Stocks are stated 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 stock to its present location and

condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

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.

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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees

are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be

reliably estimated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2017 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2017

21,207

226,111

4,798

252,116

Additions

-

63,276

1,112

64,388

Disposals

-

(13,995

)

-

(13,995

)

At 30 June 2018

21,207

275,392

5,910

302,509

DEPRECIATION

At 1 July 2017

11,089

135,192

4,428

150,709

Charge for year

1,518

38,199

371

40,088

Eliminated on disposal

-

(12,594

)

-

(12,594

)

At 30 June 2018

12,607

160,797

4,799

178,203

NET BOOK VALUE

At 30 June 2018

8,600

114,595

1,111

124,306

At 30 June 2017

10,118

90,919

370

101,407

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

Motor

vehicles

£

COST

At 1 July 2017

20,185

Additions

18,220

Transfer to ownership

(20,185

)

At 30 June 2018

18,220

DEPRECIATION

At 1 July 2017

13,799

Charge for year

4,555

Transfer to ownership

(13,799

)

At 30 June 2018

4,555

NET BOOK VALUE

At 30 June 2018

13,665

At 30 June 2017

6,386

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

227,681

306,455

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

6,155

417

Trade creditors

38,155

46,825

Corporation tax

24,631

38,118

Social security and other taxes

32,060

13,912

VAT

98,012

21,170

Outstanding accounts

3,957

2,705

Directors' current accounts

115,222

20,666

318,192

143,813

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

7,693

-