Registered Number 03240923
SMITH BROTHERS MARINE LIMITED
Abbreviated Accounts
30 August 2015
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Fixed assets | |||
Tangible assets | 2 |
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Investments | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant & Machinery - 20% reducing balance basis
Motor Vehicles - 25% reducing balance basis
Equipment - 15% reducing balance basis
Other accounting policies
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.
Operating lease agreements
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.
£ | |
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Cost | |
At 1 September 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 August 2015 |
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Depreciation | |
At 1 September 2014 |
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Charge for the year |
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On disposals |
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At 30 August 2015 |
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Net book values | |
At 30 August 2015 | 215,333 |
At 31 August 2014 | 241,141 |
3
Fixed assets Investments
COST £
At 1 September 2014 and 31 August 2015 367,250
AMOUNTS WRITTEN OFF
At 1 September 2014 and 31 August 2015 50,000
NET BOOK VALUE
At 31 August 2015 and 31 August 2014 317,250
The company owns 100% of the issued share capital of the company listed below,
Aggregate capital and reserves 2015 2014
Scientific Services Paisley Limited 412,383 567,804
Profit and (loss) for the year
Scientific Services Paisley Limited (6,327) 147,110
Under the provision of section 248 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
4 Transactions with directors
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 September 2014: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: |
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Balance at 30 August 2015: | £ |
During the year Scientific Services (Paisley) Limited provided goods and services to Smith Brothers Marine Limited of £16,946 (2014: £155,216).
During the year the company received a dividend from Scientific Services (Paisley) Limited amounting to £149,094 (2014: £141,492).
At the balance sheet date there was a balance outstanding of £494,918 (2014: £515,907) owed to Scientific Services (Paisley) Limited.
Smith Brothers Marine Limited has a 100% holding in Scientific Services (Paisley) Limited .
Dividends of £162,600 (2014: £118,001) were paid to the directors in the year.
The company agreed to make a new loan for £200,000 (2014: £200,000) to the directors in the year. The balance outstanding at the year end amounted to £198,165 (2014: £192,136) due from the directors.
The company charges interest on an overdrawn director's current account at a rate of 4% p.a.
Interest charged for the year amounted to £7,806 (2014: £5,239).