Registered Number 03240923
SMITH BROTHERS MARINE LIMITED
Abbreviated Accounts
31 August 2016
Notes | 2016 | 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
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.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
£ | |
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Cost | |
At 31 August 2015 |
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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 31 August 2016 |
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Depreciation | |
At 31 August 2015 |
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Charge for the year |
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On disposals |
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At 31 August 2016 |
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Net book values | |
At 31 August 2016 | 214,058 |
At 30 August 2015 | 215,333 |
3
Fixed assets Investments
At 1 September 2015 and 31 August 2016 367,250
AMOUNTS WRITTEN OFF
At 1 September 2015 and 31 August 2016 50,000
NET BOOK VALUE
At 1 September 2015 and 31 August 2016 317,250
The company owns 100% of the issued share capital of the companies listed below,
2016 2015
Scientific Services Paisley Limited
Aggregate capital and reserves 292,681 412,383
Profit and (loss) for the year 721 (6,327)
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 31 August 2015: | £ |
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Advances or credits made: |
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Advances or credits repaid: | £ |
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Balance at 31 August 2016: | £ |
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 31 August 2015: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: |
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Balance at 31 August 2016: | £ |