EMAC Engineering Limited - Accounts to registrar (filleted) - small 18.2
EMAC Engineering Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017 |
| FOR |
| EMAC ENGINEERING LIMITED |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| EMAC ENGINEERING LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 169 West George Street |
| Glasgow |
| G2 2LB |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| BALANCE SHEET |
| 31 OCTOBER 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| S Galbraith - Director | A J Lowe - Director |
| A Smart - Director | K J Stewart - Director |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 1. | STATUTORY INFORMATION |
| EMAC Engineering Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Information on the impact of the first-time adoption of FRS 102 is given in the last note to the financial statements. |
| Turnover |
| The turnover shown in the Income Statement represents the value of all goods and services sold during the year, less |
| returns received at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has |
| fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been |
| transferred to the customer. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Office equipment | - |
| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs |
| of acquisition. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present |
| location and condition. |
| Work in progress |
| Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal |
| level of activity. |
| Financial instruments |
| The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, |
| according to the substance of the contractual arrangement. |
| Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at |
| principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the |
| outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
| An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of |
| its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated |
| financial instrument. |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that 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 |
| Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, |
| are charged against profits on a straight line basis over the period of the lease. |
| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and |
| are depreciated in accordance with the above depreciation policies. |
| Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable |
| are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the |
| finance element, which is charged to the profit and loss account on a straight line basis. |
| 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 the income statement in the period to which they relate. |
| Government grants |
| Government grants in respect of revenue expenditure are credited to the Income Statement in the period to which they |
| relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Motor | Office |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 October 2017 |
| DEPRECIATION |
| At 1 November 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 October 2017 |
| NET BOOK VALUE |
| At 31 October 2017 |
| At 31 October 2016 |
| Included within the net book value of £130,113 is £21,125 (2016 - £15,612) relating to assets held under hire purchase |
| agreements. The depreciation charges in the year in respect of assets held under hire purchase and finance lease |
| agreements amounted to £5,079 (2016 - £5,204). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 8) |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 13,350 | 6,982 |
| Bank loans are secured by a floating charge over the Company's assets. Hire purchase liabilities are secured over the assets |
| to which they relate. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax | 24,721 | 22,541 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2016 |
| Provided during year |
| Balance at 31 October 2017 |
| EMAC ENGINEERING LIMITED (REGISTERED NUMBER: SC264703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| 15,000 | Ordinary A | £1 | 15,000 | 15,000 |
| 5,000 | Ordinary B | £1 | 5,000 | 5,000 |
| 20,000 | 20,000 |
| The holders of all classes of shares are entitled to attend and vote at general meetings and to receive dividends as may be |
| declared by the Company. The dividends declared may differ for each class of shareholding. |
| All classes of shares rank equally for any distribution in the event of the winding up of the Company. |
| 12. | RELATED PARTY DISCLOSURES |
| The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
| Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
| owned companies within the group. |
| During the year the Company provided goods and services totalling £4,012 (2016 - £4,585) to a company with a director in |
| common. At 31 October 2017 the Company was owed £180 by the connected company (2016 - £5,202), which is shown |
| within trade debtors. |
| During the year the Company provided goods and services totalling £2,442 (2016 - £25,436) to a group company that is not |
| wholly owned. At 31 October 2017 the Company was owed £5,576 by the connected company (2016 - £5,087), which is |
| shown within trade creditors. During the year amounts totalling £2,442 (2016 - £25,436) owed to the Company were |
| written off. |
| No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of |
| Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
| Republic of Ireland". |
| 13. | ULTIMATE CONTROLLING PARTY |
| The Company was under the control of the holders of the issued ordinary share capital of the parent undertaking, EMAC |
| Engineering Holdings Limited. No shareholder had overall control of the parent undertaking. |
| 14. | FIRST YEAR ADOPTION |
| The policies applied under the Company's previous accounting framework are not materially different to FRS 102 and have |
| not impacted on equity or profit or loss. The transition date for FRS 102 reporting is 1 November 2015. |