Machina Industries Ltd - Period Ending 2018-08-31
Machina Industries Ltd - Period Ending 2018-08-31
Registration number:
for the Year Ended
Chartered Accountants
36 Bruntsfield Place
Edinburgh
EH10 4HJ
Machina Industries Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Machina Industries Ltd
Company Information
Director |
SP Glencross |
Registered office |
|
Accountants |
|
Page 1 |
Machina Industries Ltd
(Registration number: SC543402)
Balance Sheet as at 31 August 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
- |
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 31 August 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
SP Glencross
Director
Page 2 |
Machina Industries Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At the year end the company was in a net liabilities position. The director has indicated that he intends to provide such funds as are necessary for the company to trade for the foreseeable future. On this basis the financial statements have been prepared on a going concern basis which assumes that the company will continue to trade.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.
Turnover from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the buyer. Revenue is stated after sales discounts and other sales taxes, and is net of VAT.
Tax
The tax expense for the period comprises tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Page 3 |
Machina Industries Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged to the profit and loss account at the following rates over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives.
Asset class |
Depreciation method and rate |
Leasehold improvements |
20% straight line |
Plant and machinery |
20% straight line |
Fixtures and fittings |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Trade debtors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.
Trade creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 4 |
Machina Industries Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 September 2017 |
|
|
|
|
Additions |
|
|
|
|
At 31 August 2018 |
|
|
|
|
Depreciation |
||||
At 1 September 2017 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 August 2018 |
|
|
|
|
Carrying amount |
||||
At 31 August 2018 |
|
|
|
|
At 31 August 2017 |
|
|
|
|
Included within the net book value of land and buildings above is £9,745 (2017 - £12,116) in respect of short leasehold land and buildings.
Stocks |
2018 |
2017 |
|
Other inventories |
|
- |
Debtors |
2018 |
2017 |
|
Trade debtors |
- |
|
Other debtors |
|
|
|
|
Page 5 |
Machina Industries Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
A Ordinary Shares of £1 each |
8 |
8 |
8 |
8 |
B Ordinary Shares of £1 each |
2 |
2 |
2 |
2 |
|
|
|
|
Page 6 |