Machina Espresso Ltd - Period Ending 2019-07-31

Machina Espresso Ltd - Period Ending 2019-07-31


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Registration number: SC442979

Machina Espresso Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

 

Machina Espresso Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Machina Espresso Ltd

Company Information

Director

SP Glencross

Registered office

Unit 9
Peffermill Park
25 King's Haugh
Edinburgh
EH16 5UY

Accountants

Sense Accounting & Bookkeeping Limited
Chartered Accountants
36 Bruntsfield Place
Edinburgh
EH10 4HJ

 

Machina Espresso Ltd

(Registration number: SC442979)
Balance Sheet as at 31 July 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

34,753

38,255

Current assets

 

Stocks

5

52,014

79,361

Debtors

6

106,867

97,348

Cash at bank and in hand

 

3,728

36,651

 

162,609

213,360

Creditors: Amounts falling due within one year

7

(133,887)

(155,416)

Net current assets

 

28,722

57,944

Total assets less current liabilities

 

63,475

96,199

Creditors: Amounts falling due after more than one year

7

(14,620)

(35,332)

Provisions for liabilities

(2,476)

(3,095)

Net assets

 

46,379

57,772

Capital and reserves

 

Called up share capital

8

10

10

Profit and loss account

46,369

57,762

Total equity

 

46,379

57,772

For the financial year ending 31 July 2019 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 accounts for the year in question in accordance with section 476; and

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 director on 31 July 2020

.........................................

SP Glencross

Director

 

Machina Espresso Ltd

Notes to the Financial Statements for the Year Ended 31 July 2019

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 9
Peffermill Park
25 King's Haugh
Edinburgh
EH16 5UY
United Kingdom

These financial statements were authorised for issue by the director on 31 July 2020.

2

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

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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 current 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.

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.

 

Machina Espresso Ltd

Notes to the Financial Statements for the Year Ended 31 July 2019

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference.

Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 on 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

Plant and machinery

20% straight line

Office equipment

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Machina Espresso Ltd

Notes to the Financial Statements for the Year Ended 31 July 2019

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2018 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2018

27,317

43,432

70,749

Additions

374

7,619

7,993

At 31 July 2019

27,691

51,051

78,742

Depreciation

At 1 August 2018

13,719

18,775

32,494

Charge for the year

4,891

6,604

11,495

At 31 July 2019

18,610

25,379

43,989

Carrying amount

At 31 July 2019

9,081

25,672

34,753

At 31 July 2018

13,598

24,657

38,255

5

Stocks

2019
£

2018
£

Other inventories

52,014

79,361

 

Machina Espresso Ltd

Notes to the Financial Statements for the Year Ended 31 July 2019

6

Debtors

2019
£

2018
£

Trade debtors

24,886

51,554

Other debtors

81,981

45,794

106,867

97,348

7

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Bank loans and overdrafts

35,329

14,316

Trade creditors

 

48,590

57,483

Taxation and social security

 

9,973

14,284

Other creditors

 

39,995

69,333

 

133,887

155,416

Creditors: amounts falling due after more than one year

Note

2019
£

2018
£

Due after one year

 

Loans and borrowings

14,620

35,332

8

Share capital

Allotted, called up and fully paid shares

 

2019

2018

 

No.

£

No.

£

A Shares of £1 each

8

8

8

8

B Shares of £1 each

2

2

2

2

 

10

10

10

10